Qatar National Bank (QNB), along with two other regional banks, is extending a total of $550 million in term loans to Al Arrab Contracting Company (ACC), to part finance the construction of 10 towers in the Pearl Qatar, a report said.

QNB has underwritten $290 million of the total term loan, while the balance is being jointly financed by Emirates Bank International (EBI) and Arab Bank, the Gulf Times report said.

QNB will also act as the facility agent and security bank and Arab Bank will act as the account bank.

The agreement was signed in Riyadh by ACC chairman Ahmad Suleiman Al-Rajhi, QNB general manager (corporate banking) Abdulla Mubarak Al-Khalifa, EBI senior manager (corporate banking) Osama Abdulla Gargash and Arab Bank country manager and vice president Saeed Abu Gharbieh and Sudev Sarkar.