Qatar Industrial Manufacturing Company (QIMC) signed a term loan agreement with Doha Bank to finance QIMC’s new mixed-use development project, Abraj Al Tahwiliya.
Currently undergoing the foundation phase, the project entails three towers, each of a different size and for a different purpose. Joined at the base, their size totals almost 11,000m2, 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.
Mr. Abdul Rahman A. Al-Ansari the CEO of QIMC said: “QIMC was blessed with land on Doha’s Corniche which we are making 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.” Mr. Al Ansari continued, “The towers are really set to bring the Corniche to life with its residential and retail activities.”
The loan agreement was signed by Mr. Abdul Rahman Al Ansari, CEO of QIMC as well as Dr. Raghavan Seetharaman, CEO of Doha Bank.
Dr. Seetharman stated: “The implementation of projects would have a positive impact on the economic growth and contribute to sustainable development of the economy, the International Monetary Fund expects Qatar to achieve an overall GDP growth rate of 3.4% in 2017. Under the guidance of the Board of Directors, Doha Bank continues to be committed in financing such projects which will further boost the local economy.”
KPMG acted as the lead planner to QIMC for structuring and arranging this financing facility. KPMG invited all major Qatari banks who 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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Qatar Industrial Manufacturing Co. QIMC started business in May 1990 only to become within a short period of time one of the pioneering companies in the field in Qatar. QIMC’s initial authorized capital was set at US $ 55 Million. In 2014, capital was increased to US $ 131 Million.
Far from being confirmed to the State of Qatar, QIMC’s activities extended to other GCC counties such as Saudi Arabia, Bahrain and Oman.
QIMC also views its investment activity in the wider economic development context, and for that reason, it strives to maximize the macroeconomic benefits resulting from its investment activity to the national economy in terms of employment opportunities for the national labor force, transfer of modern technology and contribution to the country’s balance of trade.
About Doha Bank
Doha Bank is one of the largest commercial banks in the State of Qatar and has been consistently registering a strong growth during the last decade with participative leadership philosophy.
Inaugurated in 1979, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments.
Doha Bank has established overseas branches in Kuwait, Dubai (UAE), Abu Dhabi (UAE), Mumbai and Kochi (India) as well as representative offices in Japan, China, Singapore, Hong Kong, South Africa, South Korea, Australia, Turkey, the United Kingdom, Canada, Germany, Bangladesh and Sharjah (UAE).