Strategic partnership worth USD2.25 billion between Qatari Diar & Masraf Al Rayan

Signing on behalf of Masraf Al Rayan were Dr. Hussain Al-Abdulla, Chairman & Managing Director and on behalf of Qatari Diar, Mr. Nasser Al-Ansari, CEO.

Spread across an area of 600,000 sq m, the project will cost approximately USD2,250,000,000 to develop. Masraf Al Rayan will take the primary role of the arranging as well as lead managing the mobilization of funds needed for financing the project within an agreed time frame according to the overall plan for the Lusail Waterfront District. Masraf Al Rayan's role however is not limited to financial involvement, but will also be developing the project together with Qatari Diar through an investment fund.

The general architectural design direction for the Lusail Waterfront will be of high international standards, taking its character from traditional Arabic urban form, meandering and pedestrian oriented streets, and streets designed for 'cruising.' There will be view corridors and walkways oriented to the water, with whitewashed buildings focused on outdoor activities and shading structures for the summer months.

Additionally, the development is to be identifiably "Qatari" in architectural "form" while being "modern" at the same time. The residents are part of a global world and will expect that the built environment be up-to-date in every way.

With approx 2.5 km of waterfront promenade for public use, the Corniche links the 4 distinguished districts, landscaped waterfront wadi and Lusail Entertainment District.

The project is comprised of Boutique Hotels, high-end cafes and restaurants overlooking the Arabian Gulf, residential units with mix use upper floors and up market retail outlets.

Dr. Hussain Al-Abdulla commented: "We are delighted to have signed this agreement with Qatari Diar which will no doubt strengthen our position in the local market and help us to achieve our goals of being a truly progressive force in the banking world. We consider Qatari Diar to be an important strategic partner and we look forward to teaming up on upcoming projects, as we continually assess local and regional opportunities"

Mr. Al-Ansari added: "The signing of this Memorandum of Understanding with Masraf Al Rayan is part of our strategy in developing projects in partnership with and support of local financial institutions. We expect this project to start by the end of 2007 and aim for completion at the end of 2009, when we will apply the finishing touches to the Lusail project with this truly stunning Waterfront District."