The Al Rayan Bank gets down to business

The bank's first project will see it act as the lead promoter of a new $2 billion Smart Industrial City which is set to provide a major boost to the country's technology, electronics and manufacturing sectors.

Smart idea

The eco-friendly scheme will be spread out over five kilometres with several clusters dedicated to particular industrial activities at a yet to be decided location in Doha. The city intends to provide companies with the latest technology and a modern, state-of-the-art industrial platform from which to operate.

Dr Hussain Al Abdulla, the Chairman of the Al Rayan Bank, said, 'The project's emphasis will be on progressive research for future industrial and domestic technologies and will ensure Qatar's lead role in industrial development in the region. It will also be developed with a view to enhancing the contribution of technology in protecting the environment.'

Esam Janahi, the bank's Vice Chairman, added that the aim was for the city to become a hub for technology-based industries in the region. The project will target a number of regional and global investors and Janahi felt confident of securing 'a host of best-of-breed companies' as well as technical and strategic partnerships. An earlier regional assessment pinpointed certain industries including pharmaceuticals, aerospace and information communication which might be drawn to the city.

Certainly any firm intending to set up a base at the industrial city won't want for infrastructure requirements with plans already in place to offer trading and logistical support, in addition to a range of services such as accommodation, hotels, entertainment and port facilities.

The city will also feature other elements including a World of Electronics sales and exhibition centre, a facility for the study of improved use of materials, systems and techniques in information security and Future City, which will provide public exhibitions on domestic, industrial and information technology.

Feasibility study

For now, the project is a fair way off realisation although the Singapore based consultancy firm, Jurong International Consulting, has already commenced a feasibility study on the development. Once this is complete, the next step will be to compile a detailed schedule for the project embracing technical, design, product and marketing information.

No hard and fast information has yet been given concerning timescales, but, once the study has been concluded, hopefully inside eight months, the project will have been formally launched and, according to Al Abdullah, the first occupants might be in situ at the city in just a couple of years time. Before that can happen, of course, the location for the development needs to be agreed and the project's consultants will play a part in deciding this too.

Big ticket projects

The Smart Industrial City is just the first of a number of projects that Al Rayan is keen to get involved with in the future and Adel Mustafawi, the CEO of Commercial Banking, told the Gulf Times that the bank is very interested in big ticket investments across the region. Al Rayan has a capital base of $2.1 billion and will look most especially at infrastructure projects and large-scale project finance across all sectors.

The Al Rayan Bank also opened its first branch in Qatar on October 8 at Al Sadd and has hired a US based consultancy firm to help it devise its strategy including its intended branch network and possible product development. Al Rayan may have one eye on major project finance opportunities, but it is also putting much emphasis on its other core banking activities.