13 May 2008
RIYADH - Al-Arrab Contracting Company Ltd., (ACC), a Saudi company, announced here on Monday a SR5 billion investment in a real estate project in Qatar at the signing of a syndicated loan deal with various regional banks.
ACC, a subsidiary company of Al-Rajhi Group signed a syndicate agreement in Riyadh Monday with three leading regional banks including Qatar National Bank, Emirates Bank International and Jordan-based National Bank for a total loan of SR2.2 billion.
Engr. Ahmed Al-Rajhi, and Engr. Saeed Al-Saeed, ACC CEO and president, and representatives from three banks signed the agreement.
Engr. Saeed said the bank loan will be a partial financial assistance for the construction of 10 25-storey residential towers that the ACC is currently building at Pearl Qatar, a man-made artificial island being built around 3.5-kilometers off Doha Beach.
He said ACC is the largest Saudi company to have huge investments in Qatar. "It is the biggest investment by a Saudi a company in Qatar," he noted.
He further said ACC's investments in Qatar has so far reached around SR9 billion, including SR5 billion for construction of 10 25-storey residential towers at Pearl Qatar, which is being built at 4.1 million square meters.
The construction started over a year ago and some of the towers already completed while others are at the final stage of completion, he added.
It is a huge project and once completed the 25-storey towers will accommodate around 41,000 residents.
According to an economist present in the signing ceremony, ACC's investments in Qatar showed the strength of Saudi economy. "The Saudi economy is booming as lot of Saudi investments are going in the neighboring countries, which reflect the country's economic strength," he said.
RIYADH - Al-Arrab Contracting Company Ltd., (ACC), a Saudi company, announced here on Monday a SR5 billion investment in a real estate project in Qatar at the signing of a syndicated loan deal with various regional banks.
ACC, a subsidiary company of Al-Rajhi Group signed a syndicate agreement in Riyadh Monday with three leading regional banks including Qatar National Bank, Emirates Bank International and Jordan-based National Bank for a total loan of SR2.2 billion.
Engr. Ahmed Al-Rajhi, and Engr. Saeed Al-Saeed, ACC CEO and president, and representatives from three banks signed the agreement.
Engr. Saeed said the bank loan will be a partial financial assistance for the construction of 10 25-storey residential towers that the ACC is currently building at Pearl Qatar, a man-made artificial island being built around 3.5-kilometers off Doha Beach.
He said ACC is the largest Saudi company to have huge investments in Qatar. "It is the biggest investment by a Saudi a company in Qatar," he noted.
He further said ACC's investments in Qatar has so far reached around SR9 billion, including SR5 billion for construction of 10 25-storey residential towers at Pearl Qatar, which is being built at 4.1 million square meters.
The construction started over a year ago and some of the towers already completed while others are at the final stage of completion, he added.
It is a huge project and once completed the 25-storey towers will accommodate around 41,000 residents.
According to an economist present in the signing ceremony, ACC's investments in Qatar showed the strength of Saudi economy. "The Saudi economy is booming as lot of Saudi investments are going in the neighboring countries, which reflect the country's economic strength," he said.
By Shahid Ali Khan
© The Saudi Gazette 2008
