Fitch Ratings has affirmed Qatar International Islamic Bank's (QIIB) Long-term Issuer Default Rating (IDR) at 'A-' with a Stable Outlook. QIIB's IDRs are support-driven and reflect Fitch's opinion of an extremely high probability of support from the Qatari authorities if required.

Support from the Qatar government for QIIB and the domestic banking sector has been clearly demonstrated in the recent past including significant capital injections and the purchase of equities and loan portfolios since 2008, following the global financial crisis. Fitch's view of support also considers QIIB's importance...

Qatar Islamic Bank (QIB) has announced the signing of a deal with the Middle East Dredging Company (Medco) to finance the company’s requirements to undertake access channel dredging work at the New Port Project.

Earlier this month, the steering committee for the New Port Project awarded a key dredging contract to Medco, who approached QIB for the financing necessary to purchase the machinery, equipment, labour and other necessary works needed to execute the contract.

The agreement was signed on behalf of Medco by chairman Abdulrahman A Abdulghani and the Medco management...