Doha, November 14th: Qatar National Bank (QNB), the country's leading bank, along with Gulf International Bank jointly extended a loan of QR335 million to Qatar Navigation.  QNB will be financing half of the loan amount and shall also be the security trustee and facility agent in this transaction.

The agreement was signed by H.E. Sheikh Hamad Bin Suheim Al Thani, Chairman of Qatar Navigation and Mr. Ali Shareef Al Emadi, Acting Chief Executive of QNB and also Mr. Abbas Ameeri, Managing Director - Merchant Banking, of Gulf International Bank in a ceremony at the Ritz Carlton Hotel.  

The loan is being sanctioned to Qatar Navigation in order to finance the construction of a 52 story tower at Al Wehda Road, in the West Bay Area in Doha. The tower, to be built over a land area of 13,516 sqm shall be partly occupied by the offices of Qatar Navigation and the other part will be leased out to potential tenants.

Mr. Ali Shareef Al Emadi, the Acting CE of QNB, said: "Qatar has significant growth potentials in the real estate sector. QNB has been always the first to finance properties projects in the country. The agreement, which are we signing today, is a solid evidence of the Bank's commitment to enhance the growth of this vital sector in Qatar"   

Qatar Navigation is engaged in marine transport, foreign shipping line agencies, offshore services, sale of heavy vehicles, ship repairs, fabrication and installation of offshore structures, land transport, chartering of vessels and travel agency services. The company intends to increase its fleet of vessels by three additional container carriers in order to cater for the increased economic activities in the country. 

Highly pleased with GIB's role in this transaction, Mr. Ameeri commented "As the leading merchant bank in the GCC, GIB has over the past 30 years contributed to the economic development of the region through its support of various development projects, from oil, gas and petrochemicals to power and water, shipping and aviation. The Bank has also played an important and key role in supporting and financing Qatar's major projects during this period."

-Ends-

Qatar National Bank (QNB)
Qatar National Bank (QNB) was established in 1964 as the country's first Qatari-owned commercial bank, with an ownership structure split between the Government of Qatar (50%) and the private sector (50%). 

QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country with a market share approaching 45% of banking sector assets.  QNB has the largest distribution network of 37 local branches and offices and 100 ATM's.

QNB international presence is rapidly expanding with new locations in Singapore and Libya (Representative Offices) and Yemen (Branch), supplementing existing branches in London and Paris and a Representative Office in Iran.  The London-based Ansbacher, QNB's Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, Dubai International Financial Center and Qatar Financial Center. Ansbacher, was the first financial institution to be granted a license to operate at Qatar Financial Centre providing a wide range of wealth management services in Qatar and the region.

QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNB is constantly striving to provide intelligent banking solutions and its range of products and services, and delivery channels across all disciplines continues to be unrivalled. 

Through its affiliate, Al Watani Al Islami, QNB was the first commercial bank in Qatar to offer Islamic Banking products and services, and the first Qatari bank to launch equity funds (Al Watani Funds) for companies listed in the Doha Securities Market.

QNB has the highest credit rating among Qatari banks from leading rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence.   The Bank has also been the recipient of the "Best Bank in Qatar" Award from leading international specialized financial publications including: The Banker, Euromoney, Global Finance and Project Finance.

QNB has an active community support program and sponsors various social, educational, and sports events.  QNB is the Official Bank of the 15th Asian Games Doha 2006. The Bank is also the official sponsor of the four major sports in Qatar which include Football, Basketball, Handball, and Volleyball.

Gulf International Bank:
Bahrain-based Gulf International Bank B.S.C. is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. It is one of the largest regional banks in the GCC, with more than $24.5 billion of its own assets and in excess of $24 billion of clients' assets under management. With a proven track record spanning more than 30 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.

Qatar Navigation:
Qatar Navigation was established back in July 1957 for the purpose of undertaking marine transportation and shipping agency works. The Company now handles full range of activities including without limitation; all marine transport works, marine loading and unloading agency operations, the providing of all sub-sea services, the construction and operation of a ship repair yard, in addition to real estate trading and investment. Their future plans entail expanding their fleet by three additional container carriers, the development of their harbor services and boosting their market share of shipping, loading and unloading activities.

For further information, please contact
Ali Abdul Ghani,
Public Relations manager,
Office 4407890
Mobile 5505729 or
email ali.ghani@qnb.com.qa

© Press Release 2006