Qataris inaugurate landmark tower in London

Western Europe's highest building, The Shard, will be formally inaugurated in London on Thursday in the presence of Sheikh Hamad Bin Jassem Bin Jabor Al Thani, prime minister of the State of Qatar.

The Shard, which is owned by LBQ Limited, comprising the State of Qatar as majority shareholder, and Sellar Property, was designed by master architect Renzo Piano and developed by Sellar Property. It stands at 310 metres and includes office space, residences, restaurants and the five-star Shangri-La Hotel.

The inauguration represents the culmination of a 12-year journey to build a new landmark on the London skyline. Non-equity funding for the project was provided by Qatar National Bank.

'Today marks the physical completion of The Shard. It is a major step towards the ultimate realisation of our vision for London Bridge Quarter - a new dynamic district for our city with The Shard at its centrepiece,' commented Irvine Sellar, chairman of Sellar Property and partner of LBQ Limited.

Ali Shareef Al-Emadi, QNB Group CEO and board member of the Shard Funding Limited, said, 'Qatar National Bank and The State of Qatar have backed London Bridge Quarter since 2009, after other banks withdrew from funding in the wake of the credit crunch. This is because we strongly believed in its potential as a key regeneration project on London's South Bank and wanted to see this landmark project realised.'