International law firm K&L Gates has advised Mazaya Qatar Real Estate Development QSC on a dual-currency $106.7 million, eight-year syndicated Islamic finance facility to fund the development of the Sidra Village residential project.
The project, which is being developed by Mazaya Qatar’s subsidiary, Qortuba Real Estate Investment, will provide 1,165 residential units for employees of the Sidra Medical and Research Center in Doha.
K&L Gates Doha counsels Kathleen Bradley and Kirk Durrant, Doha partner Amjad Hussain, and Dubai partner Natalie Boyd represented Mazaya in this transaction.
“We are delighted to have assisted Mazaya Qatar to close this transaction for the financing of one of their landmark projects in Qatar,” said Bradley. “We expect to see Mazaya Qatar playing an increasingly prominent role in the important Qatar real estate sector, as Qatar reaches to meet its National Vision 2030 objectives.”
Qatar Islamic Bank acted as the investment agent for the murabaha facility, and was joined as a participant by ABC Islamic Bank, Ahli United Bank, Arab Banking Corporation, First Gulf Bank, and the National Bank of Abu Dhabi. QInvest acted as financial adviser to Mazaya Qatar, in addition to being the sole bookrunner.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
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