Qatar Islamic Bank
In January it announced its second consecutive record profit in the fourth quarter. Net income in the three months to December 31 rose 40% to $109 million. One of QIB’s biggest successes is real estate financing. In Qatar, it is financing real estate projects worth QR2.5 billion ($686.6 million) including several tower blocks and hotels. One of its projects includes financing the construction of five luxury tower blocks with more than 800 residential units on Pearl Island. This is a man-made island built off the coast of the West Bay Lagoon area in Doha. Last year, QIB bought five plots on the island. Another transaction is the financing of the $3.5 billion Al Waab city project.
The bank has also obtained the licence to build a mall downtown that will carry and promote high-end fashion. It has also acquired a 450,000 square metre plot to build a project that will comprise residential units, office units, an entertainment area and a mall.
QIB is also financing projects outside Qatar, such as the Beera Alanya five-star hotel in Turkey.
