Masraf Al Rayan established the "Lusail Waterfront Investment Company" in the Cayman Islands to enable Qatari and other GCC investors to participate in the fund.
The Lusail District has a strategic location by the warm waters of the Gulf and spread across an area of 35sq km, and the Waterfront is the most exclusive part of the overall project.
Set to house approximately two hundred thousand people, Lusail has the allure of a modern city, with plush hotels, shopping districts catering to all budgets and even a railway track with an operating public transportation network. The Waterfront land infrastructure is set to be completed in the next three years and construction is expected to be completed in three to four years after that.
Masraf Al Rayan will manage the fund including the arranging of the financing.
Adel Mustafawi, CEO of Masraf Al Rayan said that the launching of a landmark fund like this is yet another example of the bank's initiative to put its contribution towards Qatar's development and socio-economic growth. These projects will catapult Qatar into the future and provide sizeable job opportunities for generations to come.
What is unique in this fund is that Masraf Al Rayan is providing corporate level opportunities to individual investors. The fund is structured with built-in leverage by which investors only put in 35% in equity to get 100% usufruct rights of the land.
The rate of the land which is now at QAR 450 per square foot is expected to rise to QAR 700 per square foot following Qatari Diar's completion of the land infrastructure work in three years.
Masraf Al Rayan is the lead manager of this fund, in addition to the placement agent. Masraf Al Rayan will also arrange new sets of investors for construction and development of the Lusail waterfront project (phase II) after the three years infrastructure investment period.
Markaz (Kuwait Financial Centre S.A.K) is the co-lead manager of the project.
Browse
related articles
Masraf Al Rayan and Qatari Diar announce USD 100 million Lusail Waterfront Real Estate Fund
- Qatar: Tuesday, July 17 - 2007 at 08:58
- PRESS RELEASE
Related content
Following the signing of the Memorandum of Understanding between Masraf Al Rayan and Qatari Diar last April, representatives have announced the successful launching and closing of a USD100 million Lusail Waterfront Fund.
Lusail.
Article Options
Log in to request more information from Masraf Al Rayan
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, July 17 - 2007 at 08:58 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Notes and Media Contacts »
About Masraf Al Rayan
Masraf Al Rayan is a progressive new force in the world of banking, a present embodiment of future Shari'ah compliant banking.
Since its launch in October 2006, Masraf Al Rayan has been recognised as a pioneer leader in the banking industry being the only fully fledged commercial and investment financial institution with an exclusive portfolio of Shari'ah compliant products.
Masraf Al Rayan is committed to stewarding, protecting and growing the assets of its customers and shareholders.
For further information please contact:
Annie Kechichian
Senior PR Manager
GCI Qatar
Telephone: +974 428 3144
Masraf Al Rayan is a progressive new force in the world of banking, a present embodiment of future Shari'ah compliant banking.
Since its launch in October 2006, Masraf Al Rayan has been recognised as a pioneer leader in the banking industry being the only fully fledged commercial and investment financial institution with an exclusive portfolio of Shari'ah compliant products.
Masraf Al Rayan is committed to stewarding, protecting and growing the assets of its customers and shareholders.
For further information please contact:
Annie Kechichian
Senior PR Manager
GCI Qatar
Telephone: +974 428 3144
Disclaimer »
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
