Posted on July 18, 2017

BASREC CEO, Kareem Shamma, has issued the following statement in response to recent press reports regarding the financing of this major project in Qatar:

“Contrary to recent reports Doha Festival City’s “re-financing” has not been frozen. The project Owner, Bawabat Al-Shamal Real Estate Co. WLL (BASREC) has, for the last year, been in discussion with Banks regarding the financing. Decisions upon the direction of the financing were taken prior to the start of the current diplomatic situation. As such, the events of June 5 2017, did not impact the financing of the Doha Festival City project which continues to enjoy a healthy relationship with all the Banks it has been dealing with since the start of the development.”