DOHA: Alfardan Properties and Ahli United Bank (AUB) have closed a $200m six-year loan facility which will be used to refinance existing loans, in addition to financing working capital and other capital projects in Qatar.
Omar Hussain Alfardan, President of Alfardan Properties led the announcement before the local media on Thursday of what he described as the largest loan facility recently acquired by the company.
He said the facility was granted since most of Alfardan Properties projects were materialised and there is already 90 percent occupancy of their existing real estate units.
Joining Alfardan at the launch was Salad Murad, CEO of Ahli Bank of Qatar, Andrew Stevens, CEO of Commercial Bank of Qatar, Bassel Gamal, Senior Deputy Group Chief Executive Officer of Ahli United Bank and KC Dalal, Deputy Chief Executive Officer of Alfardan Group.
In spite of oversubscription by 50 percent, the facility was capped at $200m attracting a diverse regional banking group of six banks from Bahrain, UAE and Qatar.
Banks that participated in the facility are Ahli United Bank, the mandated lead arranger, Commercial Bank of Qatar, the facility agent, Ahli Bank, the security agent and account bank, Gulf International Bank, National Bank of Abu Dhabi PJSC and BBK.
Hussain Alfardan, Chairman of Alfardan Properties Co, thanked the mandated lead arranger and lending banks for their support and commitment to Alfardan Properties and added that the attractive terms of this agreement are testimony to the solid stature Alfardan Group and its subsidiaries enjoy in the financial market.
Alfardan Properties was established in 1992 to develop luxury residential real estate portfolio of assets.
Alfardan Properties Co owns and manages various real estate properties in Qatar, including Alfardan Centre, Alfardan Gardens, Alfardan Towers as well as Kempinski Residences and Suites,
On behalf of the banks, Bassel Gamal, Senior Deputy Group Chief Executive Officer - Banking Group of AUB congratulated the borrower for successful conclusion of the facility, which will help its financing needs to achieve its ambitious growth plans.
He said that this facility is proof of the confidence industry has in capability of AUB to lead arrange and finance large ticket transactions and reflects the commitment of AUB Group in contributing to the development of the communities in which it operates.
© The Peninsula 2011
