QIMC & Doha Bank sign term loan agreement

17/07/2017 07:50 AST

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, said a statement.

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 11,000 square metres (sqm), located at the West Bay. The first tower is a 29-storey 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-storey tower consisting of office spaces, while the third is a 38-storey tower containing 360 luxurious hotel apartments.

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."

Al Ansari added: "The towers are really set to bring the Corniche to life with its residential and retail activities."

The loan agreement was signed by Al Ansari and Dr R Seetharaman, CEO of Doha Bank. Dr Seetharman said: "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 percent 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."

The Peninsula