During the event, JRE received the award for ‘Best Commercial High-Rise Development – Qatar’ for THE e18hteen, a state-of-the art commercial tower, which offers cutting-edge office space for businesses and their employees and is currently under development in the Lusail Marina area.
“Just Real Estate has evolved immeasurably in a short space of time since our formation in 2016 and to be honoured with this award is further demonstration of how our reputation has grown not just domestically and regionally, but also on a global scale,” said Engineer Nasser al-Ansari, JRE chairman.
“The experience and dedication of our focused team ensures we can adapt to changing trends and market dynamics and THE e18hteen is a perfect representation of our capabilities to keep pace with the evolving needs of our clients and partners. The real estate market is extremely competitive, so to be awarded in this category is a fitting tribute to the hard work of all involved in this bold project and our wider strategy and approach as a business,” he added.
THE e18teen is a state-of-the-art, futuristic commercial tower situated on the edge of the Lusail Marina district and represents a home-away-from-home for business owners and their employees.
The 36-storey building, which has just reached a construction milestone with completion of the 15th floor, will feature versatile, customisable office space in a range of sizes to enable business owners and tenants to create an office that perfectly suits their needs.
THE e18hteen perfectly meets the modern desire for better work-life balance with amenities in the ultra-modern building including retail outlets, restaurants, a fully-equipped gym and an executive club. THE e18hteen is scheduled for completion in the first quarter of 2019.
THE e18teen is a futuristic commercial tower situated on the edge of the Lusail Marina district.
Moody’s assigns provisional ‘(P)A2’ rating to QIIB’s $2bn sukuk programme
Global credit rating agency Moody’s has assigned a provisional ‘(P)A2’ rating to QIIB’s $2bn sukuk programme, which will be used to acquire a beneficial interest in a portfolio of Shariah-compliant assets.
The provisional rating was for the senior unsecured long term ratings (foreign and local currency) to the $2bn trust certificates programme of QIIB Senior Sukuk Limited, a special purpose vehicle (SPV) incorporated in the Cayman Islands by QIIB.
Another rating agency Fitch has assigned the sukuk an expected long-term rating of ‘A (EXP)’ and expected short-term rating of ‘F1 (EXP)’.
The ‘(P)A2’ ratings assigned to the trust certificates are at the same rating level as the A2 long-term issuer ratings of QIIB, the rating agency said.
It reflects Moody’s view that the sukuk certificate holders will effectively be exposed to QIIB’s senior unsecured credit risk; not be exposed to the underlying performance risk of the sukuk assets; have no preferential claim or recourse over the sukuk assets, or rights to cause any sale or disposition of such assets except as expressly provided under the transaction documents; and only have rights against QIIB, ranking pari-passu with other senior unsecured obligations as provided in the transaction documents.
These sukuk assets would form part of ‘Wakala’ and ‘Mudaraba’ portfolios, to be managed by QIIB as servicing agent and ‘Mudarib’, respectively on behalf of the issuer (acting as trustee for the certificate holders).
QIIB would collect income against the relevant periodic distribution amounts due for each series. If there is a shortfall between the amounts collected and the aggregate periodic distribution amounts due, then QIIB, as servicing agent, would pay further amounts to remedy such shortfall to avoid a dissolution event; however, a failure to pay such amounts to remedy the shortfall would lead to a payment default.
In such a case, early redemption would be triggered resulting in QIIB to pay both the principal and profit amounts outstanding under the Certificates akin to other senior unsecured obligations of the bank. Highlighting that the expected ratings are in line with QIIB’s foreign-currency issuer default ratings (IDR), Fitch said the trust certificate issuance programme’s ratings are driven solely by QIIB’s IDRs of ‘A’/’F1’.
“This reflects Fitch’s view that default of these senior unsecured obligations would reflect default of the entity in accordance with Fitch’s rating definitions,” it said.
Fitch has given no consideration to any underlying assets or any collateral provided, as it believes that the issuer’s ability to satisfy payments due on the certificates would ultimately depend on QIIB satisfying its unsecured payment obligations to the issuer under the transaction documents described in the prospectus.
In addition to QIIB’s propensity to ensure repayment of the SPV sukuk, in Fitch’s view, it would also be required to ensure full and timely repayment of QIIBSS’ obligations due to the bank’s various roles and obligations under the sukuk structure and documentation.