Qatar National Bank signs USD125 million deal to build Qatar's tallest building

The 232-meters high luxurious 'Doha High-rise Office Building' is a 44-storey cylindrical complex designed by the famous French architect Jean Nouvel. The building situated in the 'New Doha' area near the Sheraton Hotel, will have a unique architectural design and feature several panoramic lifts.

"Today's deal reflects QNB's ongoing strategy to invest in the country's growing property market," said Vince Cook, General Manager Corporate Banking and Capital Markets, who signed the deal on behalf of QNB. "QNB now holds Qatar's largest share in property financing, financing more than 70% of the new projects being undertaken by Qatari private sector makes QNB an active partner in the country's construction boom."

QNB continues to support Qatar's property construction market on a number of grants. Earlier this month it concluded a multi-million dollar deal with a Qatari firm to finance the construction of Doha's first Hilton hotel property. QNB's Corporate Banking facilitates efficient financing of an array of major projects and continues to represent the core of the bank's lending capability.

Hamad Al Duhaimi, who signed on behalf of Sheikh Saoud Bin Mohamed Al Thani, said that QNB's loan will be used to fund all construction phases, which are scheduled for completion in February 2007. "We noted that QNB was actively engaged in many projects that are changing Doha's skyline and this particular project will create an impressive new beacon heralding our rapid expansion. We consider QNB as a partner in this ambitious project and not just a financer. This project will be a new landmark for the city and I'm sure that by the end of this decade, a new, dynamic image will have significantly evolved," he added.