Doha : Qatar Islamic Bank (QIB) recently signed an Istisna'a agreement for the financing of a major residential project to be built in Al Khor.

Owned by Al Khor and Dakira Schemes and Services Company, construction of this significant real estate development in the north of Qatar is expected to be completed in just over two years.

The UAE-based Construction and Reconstruction Engineering Company has been named the construction contractor for the project, and Arab Consulting Bureau will deliver the consultant engineering services.

The new development at Al Khor, valued at 300 million riyals (Dh302.81 million), will provide residential accommodation comprising 145 villas and 252 apartments of varying configurations. Also to be constructed as part of the project are a children's nursery and a swimming pool, as well as a shopping mall and parking lots.

Located approximately 50 kilometres north of Doha, Al Khor exhibits a well-established charm that is melding successfully with the extensive development it is currently experiencing, without jeopardising its traditional identity as one of Qatar's original pearling and fishing villages.

The burgeoning city has become a hotspot for residential and business development and is home to many employees of the oil industry because of its proximity to Qatar's northern oil and natural gas fields, as well as to Ras Laffan Industrial City.

Salah Al Jaidah, QIB's CEO, said, "Our involvement with projects such as this Al Khor development is born out of QIB's compelling and ongoing commitment to Qatar's econ-omic development, one of the four interrelated pillars underlying the Emir's 2030 Vision. We are both proud and excited to support such an outstanding undertaking which partners QIB with leading companies in construction, design and project management, and denotes our enduring support of Qatar's construction industry."

Moustafa Rajab Abu Zeid, General Manager of Al Khor and Dakira Schemes and Services Company, said, "This significant agreement is indicative of the strength of the collaboration between QIB, one of the world's leading Islamic financial institutions, and AKD Schemes and Services. Our company has a proven track record for providing commercial and residential facilities in the Al Khor, Dakira and Ras Laffan areas."