The announcement was made at a signing ceremony at Oryx Rotana Hotel in Doha with Joint Mandated Lead Arrangers Barwa Bank, Qatar Islamic Bank and Union National Bank. The consortium will provide club financing of QAR 2.11bn (USD 580M) to the JV between Impregilo, SK Engineering & Construction Co and Galfar Al Misnad Engineering and Contracting.

The Doha Metro will be a key component of the country’s integrated rail system, which upon completion would include high-speed long distance rail links, freight lines, Lusail Light Rail Transit System and People Mover Systems in West Bay and Education City.

The Red Line North Underground package is a significant division of the project and will include construction of two parallel 13km underground tunnels. The package will also include construction of seven underground stations between Msheireb and Lusail Marina.

Ross Officer, country head for Mashreq in Qatar, said: "Mashreq has extensive experience in supporting large state owned development projects, both in Qatar and across the region. We are confident that this strong joint venture partnership will ensure the success of the Red Line North Underground project and is another step towards implementing Qatar’s future plans."

Flavio DiPietro, Area Financial Controller of Impregilo, said, "The details of the financial transaction have been carried out with the maximum professionalism thanks to a tailored and dutifulness work that has rendered a financial instrument that today we are here to represent as a benchmark for the international market and primarily for the State of Qatar."