Al Wa'ab City

The Qatar-based Al Wa'ab City Company was established for the development and management of the Al Wa'ab City, a residential and commercial project in Doha.

Launched in December 2005, the City has an area of 1.25 million sq. m (13.45 million sq. ft.), which, when completed in 2010, will consist of offices, villas, a five-star hotel, a 200,000 sq. m (2.1 million sq. ft.) business center and an 18,000 sq. m (193,800 sq. ft.) mall called Souq Al Wa'ab. At the heart of the QAR11.75 billion (USD3.2 billion) development, there will also be a 45,000 sq. m (484,400 sq. ft.) garden, Barahat Al Wa'ab, which will be an urban piazza surrounded by cafés, restaurants, entertainment and recreational facilities.

The financing structure of Al Wa'ab City was divided into two phases; the first took place in April 2007, through a QAR819 million (USD225 million) fund raising on a debt/equity basis; and the second was in October 2008 through a QAR4.7 billion (USD1.3 billion) Islamic Mezzanine funding, led by founders including AmwalAmwal, SHUAA CapitalSHUAA Capital and QInvestQInvest.