Qatar Real Estate News
QIB signs deal for financing Al Khor residential project
Qatar Islamic Bank (QIB), the worlds fourth largest Islamic Bank, has entered into an agreement with Al Khor & Dakira Schemes & Services Co. for financing QR300mn residential project in Al Khor.
The construction of this major real estate development, located in north of Qatar, is expected to be completed in two year’s time.
The UAE-based Construction & Reconstruction Engineering Company has been appointed as contractor for construction of the project, and the Arab Consulting Bureau will offer consulting engineering services.
Al Khor, on completion, will offer high-quality residential accommodation, with 145 villas and 252 apartments, apart from children’s nursery, a swimming pool, a shopping mall, and parking lots.
Al Khor, the fast-growing city is located 50km north of Doha, and has grown to be the hotspot for business and residential development, and is home to several employees in the oil industry, due to its proximity to northern oil and natural gas fields in Qatar, and to Ras Laffan Industrial City.
The General Manager of Quotar Islamic Bank Domestic Business Group, Ahmad Meshari, said that the involvement of QIB in the project reflects the major contribution that QIB is making towards growth of the country, apart from the fact that QIB’s ability to finance such major construction projects using Islamic finance products, enhances the acceptance of Islamic banking and finance as a good alternative to conventional banking methods.
According to Salah al Hail, General Manager of QIB’s Real Estate group, the Al Khor real estate project is one of the biggest in Qatar, following the financial downturn in 2008, and will play a major role in meeting increased demand for quality residential developments in northern area of Qatar.
The General Manager of Al Khor and Dakira Schemes & Services Co., Moustafa Rajab Abou Zeid, mentioned that this agreement indicates the strength of collaboration between QIB and AKD Schemes & Services. The Company has a proven record for offering residential and commercial facilities in Al Khor, Ras Laffan and Dakira areas, which meets the best standards of quality.
Posted on 10/5/2010