Leighton Contracting Qatar, a division of UAE-based Habtoor Leighton Group, has signed a QR2.2 billion ($604 million) project finance deal with Qatar’s Doha Bank to support the construction of a water reservoir. The reservoirs of Qatar General Electricity & Water Corporation’s (Kahramaa) Water Security Mega Reservoirs Project- Rawdat Rashed, the largest reinforced concrete reservoirs in the world, feature a capacity of 100 million gallons each, according to The Peninsula report.
“We are pleased at the opportunity to participate in a project that will form the bedrock upon which Qatar’s water security initiatives will be built,” Dr R Seetharaman, Group CEO of Doha Bank, was quoted as saying in the report. He added that the bank has already issued project-related guarantees. “We continually look for opportunities to play a greater role in Qatar’s growth story by catering to the financing needs of key strategic entities, both public and private, and we hope to further grow our relationship with Leighton Contracting in the years to come,” Dr Seetharaman said. The Water Security Mega Reservoirs Project aims to provide seven days of strategic water storage within Kahramaa’s network system, covering the new mega reservoirs and the existing and future secondary reservoirs, the report said. The first phase of the project will provide seven days of water storage for the expected water demand in 2026, with five mega reservoir sites, while the second phase will provide the seven days of water storage for expected demand in 2036 by adding more reservoirs within the 5 mega reservoirs sites.