City Centre Doha bags big bucks

Mashreqbank will lead a Dhs285 million loan facility that will be used to develop City Centre Doha's retail, leisure and entertainment infrastructure.

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By  David Ingham Published  February 3, 2003

Mashreqbank has been appointed by City Center Qatar as the arranger of a Dhs285 million syndicated loan facility for City Center Doha.

Under the terms of the agreement, Mashreqbank has been mandated as the ‘sole lead arranger’ for a medium term loan of Dhs260 million and Emirates Bank International is the 'senior lead manager.' Banks invited by Mashreqbank to participate include Commercial Bank of Qatar, Dubai Bank, Habib Bank Ltd and United Bank Ltd.

Mashreq, along with Qatar Islamic International Bank as lead manager, has also arranged a Dhs25 million Ijarah finance loan.

“We are honoured to have been selected to lead this loan facility, the largest syndication to a privately owned entity in Qatar of this and last year, and we are also delighted that it is for such a landmark operation as Doha City Centre,” said Omar Bouhadiba, head of corporate banking, Mashreqbank.

The syndicate loan will be repaid over 7.5 years, with final maturity in May 2010.

Mashreqbank, a major UAE bank, has been active in Qatar for thirty years and plans to open a third branch in Doha this year. Last week, Mashreq announced a massive year on year increase in
net profits, which reached Dhs 504 million for the year ending December 31, 2002. That growth was aided by a large increase in corporate lending.

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