QREIC expands financing sources with HSBC Amanah and Masraf Al Rayan

The facility has been jointly lead managed by HSBC Amanah and Masraf Al Rayan. The facility is structured as a Shariah compliant facility to meet the expansion requirements of the company.

QREIC, incorporated in 1995, is a Qatari public shareholding company, owned 27% by the State of Qatar. The company is involved in the development of real estate projects for Governmental and corporate entities in Qatar. It has positioned itself as the leading developer of real estate in the country. Since its establishment, QREIC has focused on developing and catering to the real estate needs of major industrial areas in Qatar, such as Al Khor, Dukhan and Mesaieed.

A signing ceremony was held at the offices of QREIC, which was attended by H.E. Sheikh Khalid Bin Khalifa Bin Jassim Al-Thani, Chairman & Managing Director of QREIC; Mr. Mohamed Bin Misnad Al Misnad, General Manager of QREIC; Mr. Charles Moncrieff, Chief Executive Officer, HSBC Bank Middle East Limited in Qatar; Mr. Adel Mustafawi, General Manager - Corporate, Masraf Al Rayan, and senior executives of HSBC Amanah.

As QREIC rapidly develops into Qatar's leading real estate company, it seeks ways to expand the group of banks it works with. This transaction is the debut transaction of Masraf Al Rayan launched soon after it initiated activities in the Corporate Banking sphere, and HSBC Amanah continues its strong track record in advising, arranging and syndicating key Islamic financing deals in Qatar.

Mr. Mohamed Bin Misnad Al Misnad, General Manager of QREIC commented at the signing ceremony, "We are pleased to welcome HSBC Amanah and Masraf Al Rayan as the partners of QREIC in their common goal to develop the Qatari real estate sector."

Mr. Charles Moncrieff, Chief Executive Officer, HSBC Bank Middle East Limited, in Qatar said, "HSBC Amanah has begun its Personal Banking activities in Qatar and with this transaction it hopes to make further inroads into the corporate segment of the market."

Mr. Adel Mustafawi added, "We are pleased to be launching Masraf Al Rayan's Corporate Banking activities with such a debut transaction which will allow Masraf al Rayan to build a powerful base for its clients and partners."

Mr. Safdar Mandviwala, Director and Head of Middle East & North Africa team at HSBC Amanah concluded, "HSBC Amanah is pleased to service the Islamic finance requirements of Shariah-compliant corporates such as QREIC in Qatar, and this transaction demonstrates our ability to work with HSBC Group offices to deliver the best Islamic finance products to our client base."

The Murabaha facility is currently in syndication and is expected to close shortly.