Doha Festival City raises QR3.7bn loan

Doha Festival City, a giant retail and hospitality complex being built by a consortium including UAE-based Al Futtaim Group, has raised a QR3.7bn loan to fund its construction, a statement said yesterday. The development will consist of 260,000sq m of gross leasable retail space as well as hotels, a convention centre and leisure facilities and will house the first IKEA store in Qatar. The 10-year facility comprises of both a conventional loan and a Sharia-compliant tranche. Doha Festival City is being built by Bawabat Al Shamal Real Estate Company, a joint venture between Al-Futtaim Real Estate Services, Qatar Islamic Bank, Aqar Real Estate Development and Investment and a private Qatari investor.