Doha: Qatar Islamic Bank (QIB) signed a contracting and supervisory contract worth QR50m -- excluding the land value -- for the construction of a proposed 15-storeyed hotel in the Al Ghanem Ul Qadeem area, a news release said yesterday.
The contract has been signed by Abdul Rahman Mustafa, QIB's Acting General Manager, Ashraf Rushdi, Executive Manager, Investment and Hussein H Delir, general manager of Hassansco Company for Trading and Contracting, assigned for the execution of the project, and Ghassan Al Ya'coub, representative of the Consultant S W Urban Bureau.
Speaking on the occasion, A R Mustafa said that Istissna' contracts widely used by QIB in project financing became a modular leading success among Islamic banks. He emphasized the impressive role this type of financing played in funding sizeable construction projects in Qatar and in particular commercial, office and residential towers, schools etc.
The project would consist of 12 typical storeys plus a two-layer underground in addition to the ground and mezzanine floors, said the consultant. He added that the hotel, planned to be a four or five stars, depending on Qatar Hotels Company's classification, would consist of 200 rooms, 20 small wings and six large wings plus three different restaurants, and several other conventional facilities and a car park for 70 cars.
The owner, Faleh M Hamad Al Nassr, said that traditional Qatari architecture will be seen in the building facades and internal designs of the hotel which will be run by a leading local company.
© The Peninsula 2005
