QATAR – DLA Piper advises Doha Festival City

DLA Piper, the global law firm, has recently announced its involvement in the financing of Doha Festival City, one of the largest multi-use developments in Qatar. The project is being developed by its owners, Bawabat Al Shamal Real Estate Company WLL (BASREC). The regional retail and entertainment destination boasts the first IKEA store in Qatar. It will also feature automotive showrooms, international hotels and a convention centre. According to DLA Piper, the total project value is around QAR 6 billion.

 

The firm acted through its offices in Doha, Dubai and Abu Dhabi to advise BASREC and provided specialist Islamic finance, development financing, corporate and local real estate advice.

 

BASREC was created by investors from Al Futtaim Real Estate Services, Qatar Islamic Bank, Aqar Real Estate Development and Investment and a private Qatari investor. The complex is being constructed on a 433,847sqm plot which will include 260,000sqm gross leasable area of retail space offering over 500 retail units.

 

Being one of the largest private sectors financing in Qatar, the project is structured on a co-financing basis with an Islamic facility and a commercial facility. The Commercial Bank of Qatar, Doha Bank, Ahli Bank, Al Khalij Commercial Bank, International Bank of Qatar and Qatar National Bank will fund the commercial facility, while Barwa Bank and Qatar International Islamic Bank on the Islamic facility.

 

The DLA Piper Middle East team was led by senior Legal consultant, Catherine McDougall and legal director, Paul McViety.