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Al Wa’ab City financing deal complete

Al Wa'ab City W.L.L. announced today that it had completed a QR 4.6 billion (USD 1.3 billion) financing for the Al Wa'ab City mixed-use development.

"We very much appreciate the extraordinary efforts of the participating lenders and investors to finalize this transaction in such difficult times" said Sheikh Nawaf Nasser Bin Khaled Al Thani, Chairman of Al Wa'ab City W.L.L. 

Sheikha Hanadi Nasser Bin Khaled Al Thani, Chief Executive Officer of Al Wa'ab City W.L.L., added "The completion of the financing ensures that the construction of the Project will move forward as planned and that Qatar will be home to one of the most unique and innovative developments in the region.  I wish to join Sheikh Nawaf in thanking all of those who have worked, and are working, so hard to make it possible". 

Al khaliji, HSBC and QNB are the bookrunners for the senior debt while Mandated Lead Arrangers were Abu Dhabi Commercial Bank, Ahli United Bank, Al Khalij Commercial Bank, HSBC, Mashreqbank and QNB. Doha Bank was the Senior Lead Manager. QNB is the Security Agent and Mashreq Bank is the Senior Facility Agent. With the financing in place, this showcase project gives comfort to the buyers of timely completion.

The financing structure, which includes a combination of equity, senior debt and an innovative Islamic Mezzanine funding, is unique in today's markets and was created specifically to meet the project finance needs of Al Wa'ab City.   The Mezzanine financing was led by Founders which included Amwal, Shua'a Capital and QInvest L.L.C.

The Project, centrally located and covering 1.25 million square meters, consists of a mix of high-end residential and apartment units housing approximately 8,000 people, 100,000 square meters of anchor and boutique style retail and dining, and 200,000 square meters of low-rise commercial office space.  The heart of the Project is Barahat Al Wa'ab, a stunning 44,000 square meters piazza which will be a first in Doha and in the region and which will become a central urban gathering space for tourists, guests and residents of Al Wa'ab City and Qatar.  Barahat Al Wa'ab will be anchored by a 200-room 5-star hotel.

Al Wa'ab City will be substantially completed in 2010.  Al Lewan and Hattan, a limited number of exclusive luxury villas which are currently offered for sale, will be ready for occupancy in the second and third quarters of 2009.  These villas set a new lifestyle standard for community living in Doha and incorporate the key family values which lie at the heart of Al Wa'ab City.

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