QInvest arranges $106.7m Islamic Syndicated Project Finance Facility for Mazaya Qatar Real Estate Development Company QSC
- Qatar: Sunday, November 18 - 2012 at 13:13
- PRESS RELEASE
Mazaya Qatar Real Estate Development Company QSC has signed a dual-currency, $106.7m 8-year syndicated facility to finance the development of the Sidra Village Residential Project.
Qatar Islamic Bank took the Investment Agent and Mandated Lead Arranger roles and was joined in the facility at MLA level by a group of regional financial institutions comprising ABC (through Arab Banking Corporation and ABC Islamic Bank), National Bank of Abu Dhabi, and First Gulf Bank, with Ahli United Bank taking a Lead Arranger role.
Mazaya Qatar Real Estate Development Company, through its wholly owned subsidiary Qortuba Real Estate Investment LLC, is developing the Sidra Village, for the purpose of providing quality accommodation facilities to the employees of the Sidra Medical and Research Center. Sidra Village Residential Project will consist of two-storey buildings, green spaces and a community club.
Each building will host one-bedroom and two-bedroom units. Upon completion, the project will offer 1,165 residential units.
Speaking on the occasion of the signing ceremony, Seraj Al Baker, Chief Executive Officer of Mazaya Qatar Real Estate Development Company, commented, "We are pleased to sign this transaction as it represents a milestone agreement towards the financing of one of our landmark projects, and allows Mazaya Qatar Real Estate Development Company to establish solid relationships with a wide group of renowned financial institutions."
Ahmad Meshari, Acting Chief Executive Officer of QIB, commented, "We are pleased to be part of such a landmark transaction, reflecting our strong commitment to the State of Qatar, and the confidence we have in Mazaya Qatar Real Estate Development Company as a valued client."
Shahzad Shahbaz, Chief Executive Officer of QInvest, commented, "QInvest is honoured to have advised Mazaya Qatar Real Estate Development Company on this prestigious transaction and further the QIB Group's solid relationship with Mazaya Qatar Real Estate Development Company. The success of this transaction is a testament to the strength of the QInvest financing franchise and ability to leverage its relationships with regional financial institutions to support Qatari clients and projects. The strong market reception of this transaction is demonstrated by the diverse group of regional banks that are participating, as well as the continued interest in participating in Qatar's story."
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