Masraf and Diar close $100m Lusail Fund
Doha , July 18, 2007
Masraf Al Rayan and Qatari Diar have successfully closed a $100 million Lusail Waterfront Fund.
Masraf Al Rayan established the Lusail Waterfront Investment Company in the Cayman Islands to enable Qatari and other GCC investors to participate in the fund, said a report in the Gulf Times.
The Lusail District's location is strategic and spread across an area of 35 sq km. Set to house approximately 200,000 people, Lusail has the allure of a modern city, with plush hotels, shopping districts and even a railway track with an operating public transportation network.
The Waterfront land infrastructure is set to be completed in the next three years and construction is expected to be completed in three to four years after that.
Masraf Al Rayan CEO, Adel Mustafawi, said the launching of a landmark fund like this is yet another example of the bank's initiative to put its contribution towards Qatar's development and socio-economic growth.
These projects will catapult Qatar into the future and provide sizeable job opportunities for generations to come.
Markaz (Kuwait Financial Centre SAK) is the co-lead manager of the project.