- 8 year QAR and USD dual currency Islamic syndicated facility to construct the Sidra Village Residential Project.
- QInvest acting as Financial Advisor and Sole Bookrunner, with Qatar Islamic Bank acting as Investment Agent and Mandated Lead Arranger (MLA)
- Arab Banking Corporation (ABC), National Bank of Abu Dhabi and First Gulf Bank participated at MLA level with Ahli United Bank taking a Lead Arranger role
- The US$177m million Sidra Village Residential Project to comprise of 1165 residential units, catering for the housing needs of Sidra Medical and Research Centre employees
Mazaya Qatar Real Estate Development Company QSC has
signed a dual-currency, US$106.7 million 8-year syndicated
facility to finance the development of the Sidra Village
Residential Project.
QInvest acted as Financial Advisor to Mazaya Qatar Real
Estate Development Company and Sole Bookrunner for the
facility. 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”.