Al Khalij Commercial Bank (al khaliji) QSC has extended financing to Qatar’s much-anticipated Doha Festival City project, as part of a consortium of lenders providing the project’s developers, BASREC, with a club deal of 3.8 billion Qatari riyals.
“We are proud to be involved in a landmark development that will further enhance the commercial landscape of Qatar,” said Robin McCall, al khaliji’s Group Chief Executive Officer.
Doha Festival City will be the largest commercial development in Qatar once the entire development upon completion in a few years. Valued at nearly six billion Riyals, the 256,000 m2 projects will include a five-star hotel, a retail mall, auto showrooms, and much to the delight of Qatar’s residents, the country’s first IKEA.
Having been recently awarded credit rating of ‘A-’, by Fitch, al khaliji is now able to tap into international financial markets and have increased capabilities to secure longer dated liabilities. The bank will continue to support the growth of the Qatari and regional economies by providing financial support to selective government-related projects and private sector developments.
“We are in a solid position to provide financing solutions to a wide variety of projects,” explained McCall. “With World Cup 2022-related projects expected to launch shortly, and the increasingly positive economic ramifications of Qatar’s National Vision 2030, we expect that companies, corporations, and even government institutions will increasingly turn to banks for their financing requirements. With our history of growth and the confidence of international credit agencies, al khaliji clearly is a major player in this front – making us the ideal banking partner.”
For more information about al khaliji, please visit www.alkhaliji.com.
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