Simmons & Simmons has advised Bawabat Al Shamal and its existing shareholders, including Qatar Islamic Bank and Aqar Real Estate Investment, on a joint venture with Al Futtaim to construct a US$1.6bn state-of-the-art entertainment and retail complex in Doha.
The complex will be the largest multipurpose development in Doha and is the single largest private real estate development announced in Qatar so far this year.
Simmons & Simmons advised Bawabat Al Shamal on all of the corporate and real estate aspects of the transaction including the share purchase and shareholders agreements, as well as providing advice regarding the site where the complex will be developed and the investment management and development management agreements.
The Simmons & Simmons team was led by Samer Eido, assisted by Jason Majid and Ian Arnott.
Commenting on the transaction, Samer Eido said: “This is a clear sign that the real estate market is recovering in Doha. This new development will be a real boost to the city and complement all the other exciting projects that are already underway.”
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