QIB signs a QR 120-million contract for financing the construction of a 5-star hotel

Attended by Mr. Abdullatif Al Mahmoud, QIB Managing Director, the 'Partnership-Lease' (Musharaka-Ijara) contract was executed by Messrs.: Abdullatif Al Meer, Head of Business Group at QIB, Adel Hassan, Executive Manager/Corporate Financing from QIB, Hamad Khalaf Al Addadh, chairman of 'Bader Al Hazik' Co (Contractor), and Eng. Hamdi Al Samman for 'United Consultant.

With a capacity of 218 hotel units (rooms/suites), the project, located in 'Al Ghanem' Old district and consisting of 10-storeys, a mezzanine, two basements and a hall, will be erected over an area of 2167 sm2 and will have an aggregate built areas of 20192 sm2.

Mr. Al Meer declared after the signing that QIB achieved a great success in applying this type of contracts especially in Real Estate projects which are witnessing currently a great boom in the Qatari market. He confirmed at the same time that the 'Musharaka-Ijara' and the other Islamic financing tools are all approved by the bank's Shari'a Supervisory Board.

On this occasion, Mr. Abdul Rahman Al Najjar, Executive Manager of "Retaj" Co., a company working in the field of Property Investment (management/leasing), said his company (incorporated on 2004 and grouping: the Qatari Min. of Endowments, Al Jazeera Islamic Co., 'Aquar'Co., 'Sheikh Eid Charity Society' and 'Al Umara'e Establishment) is looking forward to entering in a strategic joint venture with Qatar Islamic Bank which he qualified as a "pioneering financial establishment that offers outstanding financing tools, especially in property field".

The signing ceremony was also attended by a host of other executives from all parties.