Credit facility is led by the QNB group, along with the leading banks in the State of Qatar
The new agreement confirms the commitment of Qatar Airways to the Qatar National Vision 2030
Badr Al -Mir: Strong and flexible partnerships remain necessary to advance innovation and enhance growth
Abdullah Al Khalifa: The choice of QNB confirms the bank’s experience in structuring complex financing solutions
Qatar Airways, for the first time in 28 years, has entered into a historical agreement with the leading Qatari banks, under the QNB group, according to which these banks will provide the Qatari carrier with a funding of 4.5 billion riyals in strategic financing.
Based on the agreement, local banks in Qatar will provide strategic financing. The QNB Group took the leadership of credit facilitation as the exclusive director of the Book Runner, the Global Cooper Cooordator, the first commission organizer (Initial Mandated Lead Arranger), and the structural bank. The lending banks include the National Bank, Al Rayyan Bank, the Commercial Bank of Qatar, Doha Bank, Dukhan Bank, Qatar Islamic Bank and Qatar International Islamic Bank.
In a related context, this new agreement is witnessing an innovative approach whereby credit facilities are provided by local banks in Qatari riyals, in accordance with commercial and Islamic banks and in line with all commercial conditions in accordance with international standards for this type of strategic financing agreements.
Operating excellence
On this occasion, M. said. Badr Mohamed El -Mir, CEO of Qatar Airways Group: “The recent partnership of Qatar Airways and based on strategic goals reflects our confidence in the operational excellence of the Qatari banking sector. We are also honored to cooperate with the leading banks in Qatar, while we continue to enhance our commitment to achieving Qatar National Vision 2030. We thank the financial institutions that played a vital role in drawing the way of our journey, providing support that contributed to shaping our distinguished career. We believe that such strong and flexible partnerships remain necessary to push the wheel of innovation in the aircraft sector and enhance the scope of global air linking. ”
Supporting ambitious plans
In response to a question to Al -Arab about the main purpose of the agreement with local banks, and is there an intention to obtain other funds from foreign banks. Eng. Badr Mohamed Al -Meir said that the main goal of these credit facilities is to support the ambitious plans of the national carrier by investing in developing and expanding its distinguished fleet of aircraft, pointing out that there are also plans to use other banks from outside the State of Qatar to cover the commitment of Qatar Airways regarding aircraft deals New.
Strengthen
And on the size of the expected fleet with the upcoming reinforcement through the recently announced aircraft deals, which are estimated at 210 aircraft in addition to about 130 other aircraft under delivery, the CEO of the Qatar Airways Group said that the company is working to strengthen the current fleet with modern aircraft and equipped with the latest technologies in this regard to keep pace with its future plans and cover the great demand for air travel globally, while the policy of replacement and replacement of the fleet will be used where aircraft will come out of The service, indicating at the same time that the fleet will not exceed the 500 aircraft in all cases.
For his part, Mr. Abdullah Mubarak Al Khalifa, CEO of QNB Group, said: “We are pleased that we are chosen by Qatar Airways to play this prominent role. This appointment confirms the bank’s experience in structuring complex financing solutions and its commitment to supporting the growth goals of our customers and supporting the Qatar National Vision 2030 ».
While Qatar Airways continues its ambitious strategy for the growth of its fleet and network and its networks, it is still a firm commitment to supporting local institutions, enhancing economic growth, and contributing to national prosperity. Through this agreement, the national carrier aims to stimulate more cooperation between the aviation sector and the banking sector, which paves the way for an innovative financial structure specifically designed to meet the company’s changing needs while enhancing national economic flexibility.