Mashreqbank has been appointed by City Center Qatar as the arranger of a 285 million Emirati dirham ($77.5 million) syndicated loan facility for shopping, leisure and entertainment complex, City Center Doha.
Under the terms of the agreement, Mashreqbank has been mandated as the "sole lead arranger' for a medium-term loan of Dh 260 million. Other banks invited by Mashreqbank to participate in syndicate include Commercial Bank of Qatar, Dubai Bank, Habib Bank and United Bank.
In addition, Mashreqbank with Qatar Islamic International Bank as the lead manager has arranged a Dh 25 million Ijarah finance loan. The syndicate loan facilities will be repaid over 7.5 years including a nine months grace period, with final maturity in May 2010.
Mashreqbank has been active in Qatar for over 30 years and was one of the first Gulf Cooperation Banks (GCC) to commence operations in Doha. This year it will open a third branch in the city. Founded in 1967, it is one of the largest private sector banks in the GCC with total assets of $6.17 billion. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
