Saudi Muqassa commences operations

The Securities Clearing Center Company (Muqassa) announced on Sunday the commencement of its operations, post the announcements of its establishment in 2018 and its license earlier this year.

Muqassa is responsible, as an independent clearinghouse, for developing clearing services and guaranteeing the settlement for all trades executed on the Saudi Stock Exchange (Tadawul) and over the counter (OTC) under its coverage.

The clearing service will take place over several stages, starting with the Exchange Traded Derivatives clearing at this stage and other markets to follow at later stages, according to an official statement.

In addition, Muqassa will introduce new mechanisms to the market to reduce post-trade risks, provide centralised counterparty risk management and offer clearing services in line with international practices.


QMIC appoints Colliers to $137mn Doha tower

Scion Industrial Engineering

Qatar Industrial Manufacturing Company (QIMC) has appointed Colliers International as real estate advisory services consultant for Phase I of its proposed new $137mn (QR:498mn) headquarters, QIMC Towers on the Doha corniche.

Under the agreement, Colliers International will initially conduct market research, a design critique, feasibility study and provide recommendations to QIMC on the planned 58,000m2 QIMC Tower mixed-use development.

Abdulrahman AL-Ansari, CEO at QIMC said: “Our decision to appoint Colliers International highlights our commitment to transform our current headquarters into an iconic building that reflects the highest standards and
specifications. With over 18 years of experience advising some of the region’s most successful developments, Colliers International brings a unique mix of local and international expertise that we and our future tenants will benefit greatly from.”

Peter Bibby, Qatar country director at Colliers International, said: “QIMC Tower will become an iconic feature of the Doha skyline with its unique design while providing residents and visitors with premium residential, commercial and hospitality services. Colliers International will bring a world class approach to the development, management and subsequent leasing of the project, and we are confident that our proven expertise will play an integral role in its long term success.”

When complete, QIMC Tower will consist of three interlinked towers ranging from 23 storeys to 39 storeys overlooking the corniche in West Bay, Doha. The development will comprise residential and serviced apartments and offices.


QIMC inks agreement with Cheval for Qatar project

Cheval Residences is entering the Gulf market for the first time.

Qatar Industrial Manufacturing Company (QIMC) has announced signing an agreement with Cheval Residences for the opening of luxury serviced apartments in Doha, in 2020.

Abdul Rahman Al-Ansari, CEO of QIMC, said: “We are delighted to welcome Cheval to Qatar and to bring the Cheval brand to the Gulf for the first time. We selected Cheval for our prestigious development because of the company’s absolute commitment to quality, which we believe supports the Qatar Vision 2030 goal of attracting increasing numbers of discerning leisure and business travellers to our country.

“Cheval West Bay ApartHotel, Doha will be a superb new offering for both local and international guests.”

Mohammed S Almarzooqi, group managing director of Cheval Property Management Ltd and Cheval Residences Ltd, meanwhile, said: “We are delighted to confirm that Cheval West Bay ApartHotel, Doha will be a flagship development for us; our first property outside of London and a milestone in our company vision to build a strategic portfolio to suit the demands of our distinguished well-travelled guests.

“We are honoured to be working with QIMC and look forward to supporting the Qatari strategy of building business and leisure tourism.”

According to Qatar News Agency (QNA), Cheval West Bay ApartHotel will be developed on the Corniche waterfront, and is part of QIMC’s mixed-use development, Abraj Al Tahwiliya. The 350-key apartment project will feature open-plan studios, as well as one-, two-, and three-bedroom options.