Doha, 8th April 2007: Al Waab City W.L.L, announced the completion of its initial financing facility of $225 Million today, structured as an Islamic finance Murabaha facility. This facility is in the process of completing the first phase of its overall financing.

Al Waab City is an innovative, multipurpose real estate development in the heart of Doha incorporating villas, apartments, retail and commercial space in a cohesive and landscaped environment with architectural resemblance to local Arabic traditions.

The fully Shari'a-compliant financing for this project is underwritten and provided by a consortium of leading Qatari, regional and international banks, including at the Mandated Lead Arranger Level: Qatar Islamic Bank, Ahli United Bank B.S.C., HSBC Bank Middle East Limited, Masraf Al Rayan, Standard Chartered Bank, and Qatar National Bank.  The initial financing will be used for common infrastructure needs, construction of residential, retail and commercial space and initiating the project.

Al Waab City has been conceived as the physical representation of modern Qatari living. It is founded on the principle that at the heart of every vibrant community is a public gathering space that will form a community integrated into the existing fabric of the city. At the heart of it all is "Barahat Al Waab;" an urban piazza hosting an array of spectacular facilities.  This will be Doha's first urban square or piazza, filled with shade structures, aquatic features, formal landscaping and a spectacular sunken garden. "Barahat Al Waab" is accessible to all residents by foot via picturesque green spaces eliminating vehicular crossings. Animated with outdoor cafes, restaurants, street vendors and a world class hotel, "Barahat Al Waab" will be the center of activity in Al Waab City, a place for public events, concerts and exhibitions.

Sheikh Nawaf Bin Nasser Al Thani, Chairman of NBK and Al Waab City W.L.L., stated that "This is one of the most important projects that Doha will see in the next 10 years as it is the realization of HH The Emir's vision for a better living environment in Qatar and will quickly become the benchmark for all future developments."

A representative of the Mandated Lead Arranger bank group stated that "Al-Waab City represents the new face of Doha and its innovation in developing a multi-use development whilst retaining sensitivities to the local culture will make it a real destination in Doha to live and visit. The bank group assembled is truly diverse and the financing structure put together for this and the future phases of development are very diverse and innovative. We are all pleased to be associated with this prestigious project and look forward to supporting it."

Sheikha Hanadi Al Thani, CEO of Al Waab City W.L.L., further added that "Al Waab City will not only introduce a higher standard of living, but will also provide Doha with a family oriented community which will harmoniously combine state-of-the-art technology with a celebration of Islamic culture through architecture and landscaping; it will be a striking cohesion of Arabic heritage and modern technology." Sheikha Hanadi also added that "we are treating the financial structuring of Al Waab City with the same importance as the construction methodology, as we aim to provide innovative, efficient and sustainable solutions to Al Waab City in its entirety."  

Al Waab City has commenced the digging and construction work on this ambitious project with a view of bringing to Doha the opportunity to buy and rent accommodation, offices and retail space within a real community in a touristic destination. The project includes the construction of over 2,100 residential villas and apartments varying in sizes and designs; 85,000 square meters of retail space, 208,000 square meters of commercial and office space, a 200 room luxurious hotel, as well as numerous amenities including shops, cafes, cinemas and a supermarket. With a commitment to providing and encouraging environmentally friendly solutions, Al Waab City will also include over 30 hectares of lush landscaping and pedestrian walkways with a focus on energy saving and recycling.

This project will be the leading multipurpose development in Doha located in the heart of the city with completion in phases between 2008 and 2010. It will give the residents and Citizens of Qatar real choice in their living, working and leisure environment.

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About Al Waab city
Promoted by Nasser Bin Khaled Group (NBK), Al Waab City is Qatar's only infill real estate development focussed on providing a better living environment in Qatar. Founded on the principle that at the heart of every vibrant community is a public gathering space, will be a community that is integrated into the existing fabric of Doha. The city is a development on an area of more than 1.2 million square meters in Doha's Al-Waab district that integrates a variety of housing types, small and large scale retail, offices, health facilities, and a world class luxury hotel.

Upon completion Al Waab City will consist of a wide variety of housing to suit all living requirements by providing over 600 residential villas and 1,500 apartments. In addition, Al Waab City will also provide  85,000 sq metres of retail space, 200,000 square meters of commercial and office space, a 200-room luxury hotel, and various amenities including shopping venues and entertainment and recreational facilities all centred around a spectacular piazza.

At the heart of it all is "Barahat Al Waab "; an urban piazza hosting an array of spectacular facilities.  This will be Doha's first urban square, filled with shade structures, water features, formal landscaping and a striking sunken garden. "Barahat Al Waab " is accessible to all residents by foot via picturesque green spaces eliminating vehicular crossings. Animated with outdoor cafes, restaurants, and street vendors, "Barahat Al Waab " will be the center of activity in Al Waab City, a place for public events, concerts and exhibitions.

Released by Hill and Knowlton Qatar, on behalf of Al-Waab City for further information:
Nardine Gerges/Hans Christian Ottesen
Hill & Knowlton Qatar LLC
Tel: +974 413 1260

Carla M. Issa,
Vice President Al Waab City
Tel: +974 458 05 07
info@alwaabcity.com

© Press Release 2007