QNB, Qatar's largest financial institution, has signed today a multi-million Dollar deal with New Doha Hotels to fund the construction of the first Hilton Hotel in Doha.
The deal was signed at QNB main office in Doha by Vince Cook -General Manager Corporate Banking and Capital Markets in QNB; Sh. Saud Bin Khalid on behalf of Sheikh Khalid Bin Hamad Al Thani, owner of New Doha Hotels; and Nadir Badruddin, Managing Director and Partner of New Doha Hotels Company.
According to the deal, QNB will provide $30 million as a term loan facility to help the newly born New Doha Hotels fund the implementation of its first project in Qatar. The loan granted by QNB constitutes the kick-off phase for the company to open and operate Hilton Doha, which is to be ready before the Asian Games
on 2006.
"We are delighted to conclude this deal with H.E. Sheikh Khalid, with whom QNB has had a fruitful business relation for a long time," commented Vince Cook -General Manager Corporate Banking and Capital Markets. "The Hilton deal is another example of QNB's role in supporting the property and real estate market in the country. Financing such an international brand like Hilton will add more strength to the hotel sector in Qatar and enhance its position as an emerging business and leisure destination in the region."
Today's deal is the second of its kind in recent months to be concluded by QNB with property owners. The bank has earlier financed the construction of the 5-stars Four Seasons Hotel in Doha.
Sh. Saud Bin Khalid, said the deal helps to strengthen the existing relationship with QNB and is an important step in developing the country's hotel industry. "We are pleased to conclude this agreement with QNB and thank them for their support and professionalism in this process,' he said.
"The partnership with QNB represents a positive indication for the success of our first project in Qatar," said Nadir Badruddin, Managing Director and Partner of New Doha Hotels Company. "The loan will help us meet our deadline as agreed with Hilton International and add this luxurious 320-room property to the hotel market in Doha by early 2006."
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About QNB
QNB was established in 1964 as the country's first Qatari-owned commercial bank. The ownership structure is split between the Government of Qatar (50%) and the private sector (50%). QNB has grown to become the largest bank in Qatar controlling assets representing approximately 50% of the total banking system. QNB has the largest distribution network in the country with 33 local branches and offices, two international branches in London and Paris and 68 ATM's.
QNB provides a full range of commercial banking activities for individuals, corporate institutions and government entities and the Bank's scope of products, services and delivery channels across all disciplines is unrivalled. QNB remains the highest rated bank in Qatar and is ranked as the 236th largest bank in the world by The Banker magazine. Additionally, QNB has been the recipient of the award "Best Bank in Qatar" from leading international financial publications including The Banker, Euromoney and Global Finance.
© Press Release 2005
