Al Khalij to fund $275m Qatar resort
Bank agrees to back Alfardan's 278-room Marsa Malaz Hotel Kempinski
Al Khalij Commercial Bank has signed a deal to finance Alfardan Properties' Marsa Malaz Hotel Kempinski resort, which has a total investment cost of QR: 1bn ($274.7m) and will house around 278 rooms. It is set to complete in 2015.
Alfardan Properties, part of the 50 year-old Alfardan Group, has experience of developing a number of residential and commercial schemes as well as five-star properties such as Kempinski Residences and Suites.
The company has developed the Alfardan Towers, Alfardan Centre, Alfardan Plaza, Alfardan Gardens and One Porto Arabia schemes in Qatar, as well as the Meydan Alazaibah mixed-use scheme in Oman.
Omar Hussain Alfardan, President and CEO of Alfardan Group, said: "The Kempinski Marsa Malaz Hotel 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."
Al Khalij Commercial Bank chief executive Robin McCall said: "As the country looks to the future, and continues with its economic growth, companies such as Al Fardan Group Holding 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 – the Kempinski Marsa Malaz Hotel Resort.”