Business | Banking

Al Arrab raises $550m to finance Pearl project

Al Arrab Contracting Company Ltd (ACC), part of Al Rajhi group of Saudi Arabia, recently signed a term loan agreement jointly with Emirates NBD (ENBD), Qatar National Bank (QNB) and Arab Bank, the mandated lead arrangers and joint underwriters for $550 million, to partially finance the construction of 10 towers in the Pearl Qatar project.

  • Staff Report
  • Published: 23:06 June 16, 2008
  • Gulf News

Dubai: Al Arrab Contracting Company Ltd (ACC), part of Al Rajhi group of Saudi Arabia, recently signed a term loan agreement jointly with Emirates NBD (ENBD), Qatar National Bank (QNB) and Arab Bank, the mandated lead arrangers and joint underwriters for $550 million, to partially finance the construction of 10 towers in the Pearl Qatar project.

The facility will be launched for general syndication in due course and the three banks will be bookrunners.

The facility was signed by Ahmad Sulaiman Al Rajhi, chairman of the Board of ACC, and senior managers from the three banks.

Qatar's real estate sector has been witnessing an accelerated rate of growth in the last few years.

The Pearl, a man made island 350 metres offshore Doha, was created by United Development Company through reclamation of 4.1 million square metres of land in the Arabian Gulf.

It is envisaged that the Pearl will eventually house more than 41,000 residents in an up-scale, multi-cultural residential community.

Rajan Khetarpal, deputy general manager and Head, Global Debt Capital Markets and Overseas Corporates, ENBD, said: "ENBD is strategically positioning itself as a frontrunner in debt capital markets in the region. The deal strengthens our relationship with the Al Rajhi Group and we are honoured to have been selected to co-lead manage the transaction."

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