Doha - Qatar Islamic Bank (QIB) signed a QR120m contract for the Construction of a five-star hotel (Retaj Hotel) for the account of Retaj Marketing and Project Management Co. Attended by Abdullatif Al Mahmoud, QIB Managing Director, the 'Partnership-Lease' (Musharaka-Ijara) contract was executed by Abdullatif Al Meer, Head of Business Group at QIB , Adel Hassan, Executive Manager, Corporate Financing from QIB, Hamad Khalaf Al Addadh, Chairman of 'Bader Al Hazik' Co (contractor), and Eng Hamdi Al Samman for United Consultant.
With a capacity of 218 hotel units (rooms/suits), the project, located in Al Ghanem Old district and consisting of 10-storeys, a mezzannine, two basements and a hall, will be erected over an area of 2167sm2 and will have an aggregate built areas of 20192sm2.
Al Meer said after the signing ceremony that QIB achieved a great success in applying this type of contracts especially in real estate projects which are witnessing currently a great boom in the Qatari market.
He confirmed at the same time that the 'Musharaka-Ijara' and the other Islamic financing tools are all approved by the bank's Shari'a Supervisory Board.
On this occasion, Abdul Rahman Al Najjar, Executive Manager of Retaj Co, a company working in the field of property investment (management/leasing), said his company (incorporated on 2004 and grouping: the Qatari Ministry of Endowments, Al Jazeera Islamic Co, 'Aquar' Co , 'Sheikh Eid Charity Society', and Al Umara'e Establishment) was looking for entering in a strategic joint venture with Qatar Islamic Bank which he qualified as a "pioneering financial establishment that offers outstanding financing tools, especially in property field".
The signing ceremony was also attended by a host of other executives from all parties.
The Peninsula 2006
