Eversheds handed £450m Qatar skyscraper project

Eversheds has advised Qatar General Insurance and Reinsurance Company (QGIRC) on a QAR2.5bn (£450m) project to ­construct four skyscrapers in Qatar.

Eversheds is acting for longstanding client QGIRC, which is constructing the towers via its joint venture with Ezdan Real Estate and Al Sari Trading Company. It is understood that the joint venture partners were both advised by in-house ­counsel.

Eversheds Doha-based real estate partner Richard Birks led the team advising on the deal, supported by corporate solicitor Ali Shaikley.

Birks said: “It’s great for Qatar to be pressing ahead with this sort of development. Having something like that in this kind of economy is very good.”

It is understood that the deal is conditional on financing but that the parties involved have already informally arranged the financial backing.

Once that has been formally confirmed a law firm will be instructed to advise on the financing aspects of the deal.

It is anticipated that the towers will be mixed use, with more than 1,300 ­residential units sitting alongside commercial and entertainment projects.

The project is part of a wider series of planned improvements to Doha as the city prepares to bid for the Fifa World Cup 2022.

Eversheds was the first international law firm to be granted a licence to practise in the Qatar Financial ­Centre, launching there in 2006 under partner Chris Jobson. Jobson has had a relationship with QGIRC since moving to the region.

Birks has been based in Doha since February 2009, when he transferred from London.