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QIB to finance QR228m Al Faisal Tower
Web posted at: 4/4/2007 2:23:44
Source ::: The Peninsula

DOHA • QIB signed a Musharaka-Lease Contract with Al Habtour Co for Engineering Projects to finance the construction of QR228m Al Faisal Office Tower. Present on the occasion were Sheikh Faisal bin Qasim Al Thani, Chairman of the Al Faisal Holding Co, and Salah Al Jaidah, Qatar Islamic Bank CEO.

Sheikh Faisal stated that the financing of this project represents an active participation in supporting private sector's urban projects which he qualified as "landmarks" in the national development.

He confirmed that the project would enhance demand on offices buildings and will create an added value to the city's landscape by its unique architectural features and friendly harmony with local urban environment.

Al Jaidah said the signature of the contract marks a new achievement in the bank's record of projects financing through Islamic tools such as Istissna, Ijara and Musharaka. He mentioned further that during the first quarter of the year, QIB has been selected as best Finance House in Islamic Real estate financing in Qatar, adding that the bank has financed many towers and offices or commercial compounds projects in Doha.

Al Jaidah believes that Al Faisal project will strengthen the links between QIB and Al Faisal Holding Co. which he said has undeniable participations in the urban projects undergone in Qatar, besides the company's tangible role in developing the Qatari private sector.

From his part, Prof Abdullatif Al Meer, GM, Business Group of Qatar Islamic Bank, said it is the biggest project financing executed by QIB, adding that it consolidates the bank's Islamic experience especially in the innovative Islamic financing tool of "Musharaka / Ijara".

The Al Faisal Tower is scheduled to be completed in 36 months, is a state-of-art architectural work that would be built in the Towers district in town centre of Al Dafna. Consisting of 52 storeys, besides two underground levels for car parks and machinery, a ground and a mezzanine levels, the tower will stand at a height of 227 meters above ground level, over a total building area exceeding 65,500 square metres. The building itself will be built over 4000 m2 and will have a similar area for car parks. Its facades will have a full insulated aluminum cladding and polished glass of the highest international standards.

The contract has been executed, on behalf of QIB, by Prof Abdullatif Al Meer, Adel Hassan, Executive Manager-Corporate Financing Division/ Business Group and, on behalf of the Contractor, by Nasr Anis, GM of the performing company.

A second contract was signed with the Designer, "Diwan-Ul-Emara" (House of Architecture) Consulting Bureau to supervise performance on behalf of the project Consultant: Eng. Tarek Al Jeddah, General Manager.
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