Mazaya Qatar receives USD106.7m syndicated loan

19 Nov 2012

(MENAFN) Mazaya Qatar Real Estate Development Company’s CEO, Seraj Al Baker, announced that the firm has inked a syndicated facility worth USD106.7 million to fund the development of the Sidra Village, reported Arabian Business.

Al Baker said that the 8-year loan will be used to expand the village, which will comprise 2-story buildings, with each hosting one-bedroom and two-bedroom units.

Once completed, the project, which will also include green spaces and a community club, will offer 1,165 residential units to accommodate the workers of the Sidra Medical and Research Center.

Mazaya Qatar, which awarded a USD130 million construction contract to China’s Sinohydro for the project in January, is developing the Sidra Village through its wholly owned subsidiary Qortuba Real Estate Investment.

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