(MENAFN - The Peninsula) Qatar Islamic Bank (QIB) has signed a QR450m deal for the building of the Samriya Twin Tower. The Twin Tower, owned by Ali Mohammad Al Khayareen, will consist of two basements, a ground floor and 40 floors. The project will be constructed over a total area of 109,000sqm in the New Doha district and is expected to be completed in the second half of 2010.
Salah Al Hail, General Manager of QIB's Real Estate Department, said the bank's ability to underwrite such a large project "has confirmed QIB's unique pioneering capability in the finance and real estate sector. QIB has demonstrated by this move that it is more than equipped to help boost the national economy through innovative initiatives.'"
He said: The signing of the Samriya Twin Tower finance contracts constitutes a new phase in Islamic financial operations being extended by QIB to the country's property sector. The project features modern architecture through its high technical specifications and the utilisation of the latest construction technology."
The twin tower will be erected over an area of 5,719.5sqm. Designed in line with modern architectural trends, the tower will feature all standard services, will have two basements, a ground floor, a main hall and a 610-car parking space. The first three floors will accommodate meeting halls, guests of honour suites and a prayer hall.
There will be accommodation for a services floor and another for restaurants and the remaining floors will all be repetitive ones with a total constructed area of 109,000sqm.
Consultant Engineers Group is the consultants to the project.