Qatar’s Masraf Al Rayan Sells Real Estate Firm Stake To Govt Fund

The Qatari lender said it had agreed to sell its 50 per cent stake in Seef Lusail Real Estate Development.



Masraf Al Rayan, Qatar’s largest Islamic bank by market value, said on Sunday it had agreed to sell its 50 per cent stake in Seef Lusail Real Estate Development Co to the real estate arm of the Gulf state’s sovereign wealth fund.

The bank, which did not disclose the sale price in its statement, had previously owned the company equally with Qatari Diar Infrastructure Company.

Under the agreement, it will divest a 49 per cent stake to its joint venture partner, with the remaining one per cent sold to Qatari Diar Real Estate Investment Company. Both are units of Qatari Diar, owned by the Qatar Investment Authority.