Estithmar

pending

IFC is supporting Estithmar Holding Q.P.S.C. (“Estithmar” or “the Group”), a leading diversified holding company listed on the Doha stock exchange, with a financing package of up to US$ 249million (`mn`). The IFC financing will be used as follows: (i) up to US$129mn to develop a 314-room greenfield hotel (the “Hotel” or “Baghdad Hotel”) within a residential and hospitality complex currently being constructed by the Group in Baghdad, Iraq, at an overall projected cost of US$ 425mn, and ii) US$ 120mn corporate tranche to support and ii) a corporate tranche to support the Group’s balance sheet, together (“the Project”).Estithmar operates in eight countries and consists of 85 subsidiaries split into four business units: (i) Healthcare, (ii) Services, (iii) Ventures (hotels & restaurants), and (iv) Contracting & Industries. Apex is Estithmar’s healthcare subsidiary (held at 100%) and a 65% shareholder of EWS along with German partners, which is managing a servicing contract of a government hospital in Qatar. Estithmar Ventures manages group’s tourism assets together with different operators.The Baghdad Hotel will also be owned and managed by Estithmar Ventures and operated by other companies with extensive hotel experience. The construction is currently at 50% completion and civil works expected to be completed by June 2026, with targeted commencement of operations in September 2026. Construction activities employ over 3,000 workers at peak, including a large proportion of migrant labor from Asia and Africa. UCC (a sister company of Estithmar under Power International Holding, PIH) is the EPC contractor for the Baghdad Hotel. Elegancia which is a subsidiary of Estithmar is assigned for mechanical, electrical and fit-out works as one of the main contractors under UCC.