McCall: solid position
Al Khalij Commercial Bank (al khaliji) has extended financing to the Doha Festival City project, as part of a consortium of lenders providing the developers, BASREC, with a club deal of QR3.8bn.
“We are proud to be involved in a landmark development that will further enhance the commercial landscape of Qatar,” said Robin McCall, al khaliji’s group chief executive officer.
Doha Festival City will be the largest commercial development in Qatar upon completion in a few years. Valued at nearly QR6bn, the 256,000 sq m project will include a five-star hotel, a retail mall, auto showrooms, and the country’s first IKEA outlet.
Having been recently awarded credit rating of ‘A-’, by Fitch, al khaliji is now able to tap into international financial markets and have increased capabilities to secure longer dated liabilities.
The bank will continue to support the growth of the Qatari and regional economies by providing financial support to selective government-related projects and private sector developments.
“We are in a solid position to provide financing solutions to a wide variety of projects,” McCall stated.