FINANCIAL NEWS

Qatari Basrec secures USD1b loan for mega-mall project

02 Jul 2012

(MENAFN) Qatari developer Bawabat Al Shamal Real Estate Company (Basrec) signed a USD1.01 billion syndicated loan to help fund the development of its Doha Festival City project, Trade Arabia reported.

General Manager Marwan Shehadeh said the 10-year facility was the largest Qatari private sector syndicated transaction.

The USD1.6 billion mall is being built on a 433,847sqm area which will include 260,000 sqm gross leasable area of retail space offering over 500 retail units which will include a large number of new brands to Qatar.

The development is located north of downtown Doha on Al Shamal Road, one of the main arterial routes to the city centre, and the route that will eventually connect Doha with Bahrain via the Qatar-Bahrain Causeway.

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