QIB underwrites 'Samirya' Twin Tower for QR450m

The Twin Tower, owned by Mr. Ali Mohammad Al Khayareen, will consist of two basements, a ground floor and 40 floors.

The project, which will be constructed over a total area of 109,000 m2 in the New Doha district is expected to be completed in the second half of 2010.

Mr. Salah Al Hail, General Manager of QIB's Real Estate Department declared on this occasion that the bank's ability to underwrite such a large-scale project 'has confirmed QIB's unique pioneering capability in the finance and real estate sector. QIB has demonstrated by this move that it is more than equipped to help boost the national economy through innovative initiatives.'

'The signing of the Samriya Twin Tower finance contracts constitutes a new phase in Islamic financial operations being extended by QIB to the country's property sector. The project features modern architecture through its high technical specifications and the utilization of the latest construction technology' Al Hail said.

Praising QIB's financing of real estate projects, Mr. Maroun Namroud, representative of Mouawadd Edde Contracting Co, stated 'QIB has been recognized as a leader in real estate finance, especially for macro projects, particular towers and certain commercial complexes in Qatar. This project will constitute a new asset in Qatar's modern urban development.'

'As partners to the Mouawadd Edde Contracting Co. and as developers of the Samirya Twin tower project, we shall endeavor to maintain the highest technical specifications using eco-friendly construction materials and adhering to the highest international standards,' he concluded.