| Country |
: |
Qatar |
| Project Value |
: |
USD 3,200,000,000 |
| Sector |
: |
Real Estate | Mixed Development |
|
Consultants |
: |
Hellmuth Obata and Kassabaum Incorporated - UAE
(Design) |
AECOM
(Design) |
|
PMC |
: |
AECOM Middle East - Abu Dhabi
|
|
Contractor |
: |
Arabtec Construction
(Construction) |
| Profile Type |
: |
Standalone Project
|
|
| On Hold
|
Last Activity:
Construction - Execution
|
|
Completion: Q1 2014
|
|
|
|
| Background |
Nasser Bin Khaled and Sons Holding Company plans to develop Al Waab CityAl Waab City , a residential and commercial development in Doha.
The project will cover an area of 1.25 million sq. m. and will consist of 2,100 residential units, a 300-room hotel, commercial units, showrooms, and health facilities.The centerpiece of the Project is "Barahat Al Waab", a 44,000 sq. m. piazza comprising cafes, restaurants, retail outlets, and office space.
The residential component of the project comprises: Al Lewan Villas (92 units), Hattan Villas (185 units), Mezzen Villas (78 units), Al Sennyar Town Houses (43 units) and Azha, S'hayl, Al Yah and Merzam apartments (1,450 units).
The project will be executed in two phases. Phase 1 will include the Al Lewan and Hattan Villas and phase 2 will include all the others.
Gleeds Middle East is the cost management consultant , HOKHOK international is the design consultant and Cansult Maunsell is the PMC. |
| Expected Events |
| Schedule |
Contract Phase/Phase |
Description |
| Q2 2012 |
Construction | Project expected to resume
|
|
| Latest Events |
In January 2012, the project was still on hold.
In Q2 2012, the project is expected to resume.
In Q1 2014, the project was expected to be completed. |
| Previous Events |
In April 2011, the project was put on hold.
In Q4 2009, the concrete works of phase 1 were completed.
In April 2007, the project was officially launched.
In Q1 2007, the main construction contract was awarded to ArabtecArabtec.
In December 2005, the project was announced. |
| Scope of Work |
Construction of a 1.25 million sq. m. community including:
- 2,100 residential units (600 villas and 1400 apartments)
- 300-room hotel
- Commercial units (200,000 sq. m.)
- Retail outlets (100,000 sq m.)
- Barahat Al Waab: including retail outlets, a 2-storeyed mall, cafes, restaurants, a 200-room hotel, and office space
- Al Lewan Villas (92 units)
- Hattan Villas (185 units)
- Mezzen Villas (78 units)
- Al Sennyar Town Houses (43 units)
- Azha, S'hayl, Al Yah and Merzam apartments (1,450 units) |
| Financing Source |
The project will be financed on a debt/equity basis. USD 1.3 billion will be raised as conventional loan (provided by Mezzanine Investment Partners II ) and USD 225 million will be raised as Murabaha (Islamic financing).
In July 2008, the company has raised USD 1.3 billion of capital from debt, Mezzanine and equity funding sources. USD 1 billion was raised in senior debt on a fully underwritten basis (representing almost a third of the total value of the project). The remaining two thirds are coming from a mixture of equity and Mezzanine finance. The debt has been arranged by a combination of banks (HSBC, Abu Dhabi Commercial BankAbu Dhabi Commercial Bank, Ahli United Bank, Mashreq BankMashreq Bank, Qatar National BankQatar National Bank, Al Khaliji Bank, and Doha BankDoha Bank ).
The financial advisors to the project are AmwalAmwal, HSBC and Kaupthing. |
| Project News |
|
|
| Schedule | Contract Phase/Phase | Description |
| Dec 2005 |
Announcement | Project announced
|
| Q1 2007 |
Construction | Contract awarded to ArabtecArabtec
|
| Apr 2007 |
Planning | Project officially launched | | | Construction | Construction started
|
| Q4 2009 |
Completion | Concrete works of phase 1 completed
|
| Apr 2011 |
Construction | Project put on hold
|
| Q2 2012 |
Construction | Project expected to resume
|
| Q1 2014 |
Completion | Project was expected to be completed
|
|
|
|
 |
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