Al Wa'ab City W.L.LAl Wa'ab City W.L.L

Al Wa'ab CityAl Wa'ab City

"We very much appreciate the extraordinary efforts of the participating lenders and investors to finalize this transaction in such difficult times" said Sheikh Nawaf Nasser Bin Khaled Al Thani, Chairman of Al Wa'ab City W.L.LAl Wa'ab City W.L.L.

Sheikha Hanadi Nasser Bin Khaled Al Thani, Chief Executive Officer of Al Wa'ab City W.L.LAl Wa'ab City W.L.L., added "The completion of the financing ensures that the construction of the Project will move forward as planned and that Qatar will be home to one of the most unique and innovative developments in the region. I wish to join Sheikh Nawaf in thanking all of those who have worked, and are working, so hard to make it possible".

al khalijial khaliji, HSBCHSBC and QNBQNB are the bookrunners for the senior debt while Mandated Lead Arrangers were Abu Dhabi Commercial Bank,Abu Dhabi Commercial Bank, Ahli United BankAhli United Bank, Al Khalij Commercial BankAl Khalij Commercial Bank, HSBCHSBC, MashreqbankMashreqbank and QNBQNB. Doha BankDoha Bank was the Senior Lead Manager. QNBQNB is the Security Agent and Mashreq Bank is the Senior Facility Agent. With the financing in place, this showcase project gives comfort to the buyers of timely completion.

The financing structure, which includes a combination of equity, senior debt and an innovative Islamic Mezzanine funding, is unique in today's markets and was created specifically to meet the project finance needs of Al Wa'ab CityAl Wa'ab City. The Mezzanine financing was led by Founders which included AmwalAmwal, Shua'a CapitalShua'a Capital and QInvestQInvest L.L.C.

The Project, centrally located and covering 1.25 million square meters, consists of a mix of high-end residential and apartment units housing approximately 8,000 people, 100,000 square meters of anchor and boutique style retail and dining, and 200,000 square meters of low-rise commercial office space. The heart of the Project is Barahat Al Wa'ab, a stunning 44,000 square meters piazza which will be a first in Doha and in the region and which will become a central urban gathering space for tourists, guests and residents of Al Wa'ab CityAl Wa'ab City and Qatar. Barahat Al Wa'ab will be anchored by a 200-room 5-star hotel.

Al Wa'ab CityAl Wa'ab City will be substantially completed in 2010. Al Lewan and Hattan, a limited number of exclusive luxury villas which are currently offered for sale, will be ready for occupancy in the second and third quarters of 2009. These villas set a new lifestyle standard for community living in Doha and incorporate the key family values which lie at the heart of Al Wa'ab CityAl Wa'ab City.

-Ends-

Al Wa'ab City
Al Wa'ab CityAl Wa'ab City is one of the largest privately held real estate project being developed in the State of Qatar. Stretching over 1.25 million sqm and promoted by Nasser Bin Khaled Holding, this USD 3.2 billion dollars project is the first family-oriented, self-supporting community - a "City" within a city.

Blending Islamic cultural heritage with modern technologies, Al Wa'ab CityAl Wa'ab City will offer an exciting mix of residential, commercial, retail and entertainment amenities while providing a pedestrian-friendly environment amidst lush landscaping.

Al Wa'ab CityAl Wa'ab City will offer a safe, well maintained environment that will be home to over 8,000 people and will have one of the lowest density ratios of any new major development in the country. The residential component of Al Wa'ab CityAl Wa'ab City comprises of 92 palatial Al Lewan Villas, 185 luxurious Hattan Villas, 78 Mezzen Villas, 43 Al Sennyar Town Houses and over 1,450 Azha, S'hayl, Al Y'ah and Merzam apartments.

Al Wa'ab CityAl Wa'ab City will incorporate more than 200,000 square meters of commercial accommodation and over 100,000 square meters of retail accommodation including a unique Boutique Mall, the Souq Al Wa'ab.

Founded on the concept that at the heart of every community is a social gathering space, Al Wa'ab CityAl Wa'ab City is centered around a vibrant piazza the "Barahat Al Wa'ab®". Stretching over 44,000 sqm, this lively piazza with its lush gardens, water features and shaded structures will feature a 200-room 5-star hotel.

With a vision to develop a prosperous community based on the principles of quality, cultural awareness, sustainability, longevity and growth, Al Wa'ab CityAl Wa'ab City promises to provide viable quality solutions to all its residents and an unparalleled destination to its guests.

For more information, please contact:
Hala Kassab
ASDA'A Burson-Marsteller
Doha, Qatar
T: + 974 4351 113
F: + 974 4351 511
h.kassab@asdaa.com

© Press Release 2008

 

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