QIB closes Islamic facility with Qatari Diar

Qatar Islamic Bank (QIB) has closed a QR4bn (US$1.1bn) syndicated Islamic facility with Qatari Diar, a unit of the Gulf state’s sovereign wealth fund.

The Qatari real estate developer and investment firm appointed QIB as lead arranger in September. The five-year syndicated facility had a target amount of QR3.5bn but the transaction was oversubscribed and raised to QR4bn. 

This transaction is the biggest syndication facility in Qatar in 2009, and is also the largest involving with a Qatari bank as sole MLA and bookrunner.

Qatari Diar, which counts London’s Chelsea Barracks among its most high-profile overseas assets, has earmarked the funds to finance European investments, it said in September.