QIB signs US $14 million hotel deal

Bank hands 15-storeys to Hassansco

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By  Conrad Egbert Published  September 10, 2005

Qatar Islamic Bank (QIB) has awarded a contracting and supervisory contract worth US $14 million (QR50 million) to Hassansco Company for Trading and Contracting, for the construction of a 15-storey hotel in the Al Ghanem Ul Qadeem area. The contract was signed by Abdul Rahman Mustafa, QIB’s acting general manager, Ashraf Rushdi, executive manager, Investment and Hussein H Delir, general manager of Hassansco Company and Ghassan Al Ya’coub, representative of the Consultant S W Urban Bureau. The project will consist of 12 storeys, plus a two-layer underground in addition to the ground and mezzanine floors, according to the consultant. The hotel will be accredited with four or five stars depending on Qatar Hotels Company’s classification. It will consist of 200 rooms, 20 small wings and six large wings, plus three different restaurants and several other conventional facilities, and a car park for 70 cars. The owner, Faleh M Hamad Al Nassr, said that traditional Qatari architecture will be seen in the building facades and internal designs of the hotel, which will be run by a leading local company. Mustafa said that Istissna’ contracts, widely used by QIB in project financing, have become a lending success among Islamic banks. He emphasised the impressive role this type of financing plays in funding sizeable construction projects in Qatar and in particular commercial, office and residential towers and schools.

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