Qatar Industrial Manufacturing Company (QIMC) has signed a term loan agreement with Doha Bank to fund the former’s new mixed-use development project, ‘Abraj Al Tahwiliya’.
The agreement was signed by Abdul Rahman al-Ansari, chief executive of QIMC and Dr R Seetharaman, group chief executive of Doha Bank.
Currently under the foundation phase, the project comprises three towers, each of a different size and for a different purpose. Joined at the base, their size totals almost 11,000 sq m, located at the West Bay of the Corniche.
The first tower is a 29-story residential tower which includes a spa, gym and a swimming pool, and apartments offering residents a sea-view of the Corniche. The second is a 24-story tower consisting of office spaces, while the third is a 38-story tower containing 360 luxurious hotel apartments.
“QIMC was blessed with land on Doha’s Corniche which we are making the best use of by developing Abraj Al Tahwiliya in partnership with leading international and local consultants. We are thrilled to be working alongside Doha Bank, as they are helping us to finance this project, it is allowing us to work rapidly and aids in having the towers completed in due time,” al-Ansari said.
“The implementation of projects will have a positive impact on the economic growth and contribute to sustainable development of the economy,” Seetharaman said.
KPMG, which acted as the lead planner to QIMC for structuring and arranging this financing facility, had invited all major Qatari banks that showed keen interest to participate and provided highly competitive bids. The successful outcome demonstrates strong and continued desire of local banks to support economic growth and diversity.
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