Doha Mall’s $1 Bln-Plus Loan Refinancing Frozen Amid Qatar Boycott -Sources

DUBAI/DOHA – The refinancing of a $1 billion loan by Doha Festival City, a retail and hospitality complex in Qatar, has been indefinitely postponed as a diplomatic crisis deters regional banks from doing new Qatari business, bankers said. Aspire Dome is seen in Doha in this aerial view. Qatar will host the 2022 World Cup. The refinancing, coordinated by Doha-based investment bank QInvest, was marketed earlier this year to both Qatari and regional banks, including institutions in the United Arab Emirates. It was to have been larger in size than the original loan – perhaps around $1.2 billion, bankers said. But Saudi Arabia, the UAE, Egypt and Bahrain cut diplomatic and transport ties with Qatar on June 5, accusing it of supporting terrorism, and the proposed deal has been put on hold, the sources said.