Qatar Real Estate Investment Company has agreed a $275m Islamic loan with Qatar National Bank (QNB) and Qatar International Islamic Bank (QIIB), despite growing pessimism about Gulf real estate.
The deal is structured as an Ijara facility and is denominated in Qatari riyals.
QNB contributed QR700m and QIIB QR300m.
Qatar Real Estate will use the money to finance planned real estate projects in Qatar.
The real estate developer's new loan is one of relatively few new loans in the GCC as investors become nervous about a potential real estate crisis in Dubai spreading to the other markets in the region.
The Qatari government owns 27 per cent of Qatar Real Estate Investment Company.
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