Qatar's Lusail secures major backing

Lusail is a $2.25 billion real estate development north of Doha, Qatar.

Qatari investment bank Masraf Al Rayan has committed to arranging funding for a major part of the $2.25 billion Lusail Waterfront real estate project being developed to the north of Doha.

The 21 square kilometre project, which was launched in December 2005 and has already sold out its first two phases off-plan, will eventually comprise areas for golf, performing arts, retail and residential use.

A Memorandum of Understanding was signed yesterday between Lusail's master developer, Qatari Diar, and Masraf Al Rayan to cooperate on the development of the Lusail Corniche Project, component of the project.

Masraf Al Rayan states that it will take a primary role in mobilising and managing the funds needed for financing the project.

It will also broaden its involvement through the creation of an investment fund that will allow individuals and investors to speculate on the future success of the entire Lusail Waterfront development.

The Lusail Corniche, with its 2.5 kilometre of public waterfront, will link other Lusail areas including its Entertainment District.

The project includes boutique hotels, cafes, restaurants and retail outlets - all overlooking the waters of the Gulf.

Dr. Hussain Al-Abdulla, Chairman & Managing Director of Masraf Al Rayan, said that the deal was a huge step for his bank, which was only incorporated at the end of last year.

"We are delighted to have signed this agreement with Qatari Diar which will no doubt strengthen our position in the local market and help us to achieve our goals of being a truly progressive force in the banking world," he added.

Masraf Al Rayan launched in October 2006 with a paid up capital of $1b and over 600,000 shareholders from across the Gulf. The bank deals exclusively in Shari'ah compliant instruments.

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