JML secures funding for $9.2m Doha project

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Source:  www.tradearabia.com

Australian group JML Engineered Facades said it has secured a performance bond from Export Finance and Insurance Corporation (EFIC) for participation in the QR33.5 million ($9.2 million) contract at New Doha International Airport.

JML's work at the Dubai International Airport.
JML's work at the Dubai International Airport.

The JML Group said its unit will undertake the contract works including supply and install a range of buildings facades and associated works at several areas of the airport.

The New South Wales company had secured the Qatar contract following its recent work on the expansion of the Dubai International Airport. It has completed a number of contracts in the Middle East, including work on the Dubai Rail Metro.

EFIC, the Australian government’s export credit agency, said the company’s customer in Qatar, the head contractor for the new airport project, required that JML arrange a performance bond for approximately AUD1 million, issued by a bank with a local presence.

‘We find that Australian companies operating in the Middle East often face the same problems when trying to arrange bonds’ said EFIC executive director, SME, Andrea Govaert.

‘We’re delighted to work with Citigroup to help JML overcome these obstacles,’ he added.

‘Winning the contract in Qatar is welcome recognition of the high quality of our work’, said JML’s managing director Michael Lavis.

‘However, providing the security for performance bonds can put our cash flow under strain, and in this case, finding a local bank to assist was also a significant challenge,’ he explained..

‘Now with the support of EFIC and Citigroup, both issues have been resolved and we can focus on performing the contract,’ said a beaming Lavis.