Al Arrab Raises $550m To Finance Pearl Project

Al Arrab Contracting Company Ltd (ACC), part of Al Rajhi group of Saudi Arabia, recently signed a term loan agreement jointly with Emirates NBD (ENBD), Qatar National Bank (QNB) and Arab Bank, the mandated lead arrangers and joint underwriters for $550 million, to partially finance the construction of 10 towers in the Pearl Qatar project. The facility will be launched for general syndication in due course and the three banks will be bookrunners. The facility was signed by Ahmad Sulaiman Al Rajhi, chairman of the Board of ACC, and senior managers from the three banks. Qatar's real estate sector has been witnessing an accelerated rate of growth in the last few years.