QIB finances QR228 million for Al Faisal Tower construction

Sheikh Faisal stated that the financing of this project represents an active participation of the bank in supporting private sector's urban projects which he qualified as "landmarks" in national development.

He confirmed that the project would enhance demand on offices buildings and will create an added value to the city's landscape by its unique architectural features and friendly harmony with local urban environment.

Mr. Al Jaidah said, "The signature of the contract marks a new achievement in the bank's record of projects financing through Islamic tools such as Istissna, Ijara and Musharaka." He mentioned further that during the first quarter of the year, QIB has been selected as best Finance House in Islamic real estate financing in Qatar, having financed many towers and offices or commercial compounds projects in Doha.

Mr. Al Jaidah also mentioned that Al Faisal project will strengthen the links between QIB and Al Faisal Holding Co. which has undeniable participation in the urban projectsc in Qatar, besides the company's tangible role in developing the Qatari private sector.

Meanwhile, Prof. Abdullatif Al Meer, GM- Business Group of Qatar Islamic Bank said it is the biggest project financing executed by QIB, adding that it consolidates the bank's Islamic experience especially in the innovative Islamic financing tool of "Musharaka / Ijara".

Al Faisal Tower, scheduled to be completed in 36 months is a state-of-art architectural work that would be built in the Towers district within the town center of Al Dafna. Consisting of 52 storeys, apart from two underground levels for car parks and machinery, a ground and a mezzanine levels, the tower will stand at a height of 227 meters above ground level, over a total building area exceeding 65.500 square meters. The building itself will be built over 4000 m2 and will have a similar area for car parks. Its facade will have a full insulated aluminum cladding and polished glass of the highest international standards.

The contract has been executed on behalf of QIB, by Prof. Abdullatif Al Meer, Mr. Adel Hassan, Executive Manager- Corporate Financing Division/ Business Group and, on behalf of the contractor Mr. Nasr Anis, GM of the performing company.

A second contract was signed with the designer, "Diwan-Ul-Emara" (House of Architecture) Consulting Bureau to supervise performance on behalf of the Project Consultant, Eng. Tarek Al Jeddah, General Manager.

Other executives who were present in the signature ceremony were Tarek M. El Sayed, Chief Financial Officer and Executive Board Member of Al Faisal Co., Bader Abdul Wahhab Al Fayhani, General Manager of the Gulf Rock Co., Eng. Kamel M. El Agla, Project Manager of Al Faisal Property Holding Co. Mr. Ziyad Hadraj, Project Manager and Mr. Donald Airst, Area Manager from the contractors were also present while Mr. Sabah Al Bader, AGM, Eng. Mohamed Afifi, Deputy Manager and Eng. Mubarak Mirgani, Project Coordinator also represented QIB's Real Estate Department.