Al khaliji to fund $274m Alfardan project
Doha, April 1, 2013
Qatar's leading developer Alfardan Properties said it has signed an agreement with Al Khalij Commercial Bank (al khaliji) to finance its upcoming QR1 billion (274.4 million) Kempinski Marsa Malaz Hotel Resort project.
Alfardan Properties is renowned for luxury turnkey residential and commercial developments in addition to 5-star hospitality projects such as Kempinski Residences and Suites.
Commenting on the deal, Robin McCall, al khaliji’s Group CEO said, "As the country looks to the future, and continues with its economic growth, companies such as Al Fardan will be at the forefront of Qatar’s development.We are therefore privileged to be associated with one of the most ambitious hospitality projects in Qatar."
McCall pointed out that al khaliji aspired to become one of the most highly rated and well-respected banks in Qatar.
"This milestone agreement is a confirmation that al khaliji is a reliable business partner and a strong source of financing for development projects in all sectors in the country," he stated.
Omar Hussain Alfardan, the president and CEO of Alfardan Properties and Alfardan Group said, "The Kempinski resort clearly reflects our vision to provide iconic luxury developments focused on superlative hospitality service to Qatar and the region. This uniquely-themed hotel resort which we foresee to become a popular destination for international guests visiting Qatar, will truly display the luxury, authenticity and excellence Alfardan Properties is known for."
"Our partnership with al khaliji is a key strategic move thus, supporting our commitment to join hands with establishments that share our aspiration in developing the country with mega hospitality and tourism developments," he noted.
KC Dalal, the deputy CEO of Alfardan Group, said: “Alfardan’s strong alliances and solid track record within the banking community have been important factors that have given us greater flexibility to develop some of the most innovative and luxurious hospitality projects in Qatar.
"Moreover, we are strongly committed to partner with institutions such as al khaliji that add value to our projects and to the Alfardan Properties portfolio.," he added.-TradeArabia News Service