MAF Group enters Qatar realty market |
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Monday, Nov 24, 2008
Gulf News
Dubai: The Majid Al Futtaim (MAF) GroupMajid Al Futtaim (MAF) Group
has completed a joint venture agreement with Abu Dhabi Investment House (ADIH)Abu Dhabi Investment House (ADIH), a boutique investment firm, to develop the heart of Entertainment City, the Downtown Precinct, in the Lusail district of Doha, Qatar.
The project by the MAF GroupMAF Group's property arm is its first development in Qatar and its second major development outside the UAE.
This project also represents the first joint venture between the MAF GroupMAF Group and ADIHADIH.
Paul Byrne from MAF PropertiesMAF Properties said: "Continuing our drive to deliver world class retail, leisure and entertainment facilities to the communities across the region, the Downtown Precinct will offer more than just a world class shopping experience to the people of Qatar - it will also bring a new way of life for many residents, providing amen-ities equal to the best in the region, and further boosting Qatar as a tourist destination."
Fawaz Ali Al Jowder, Deputy CEO of ADIHADIH said: "The joint venture with the Majid Al Futtaim GroupMajid Al Futtaim Group is the first step in a strategic relationship to deliver quality investment opportunities throughout the region.
Brand-building
"Taking best advantage in our partners excellence in developing and delivering quality shopping malls, their critical tenant mix, and unique entertainment venues complements ADIHADIH's Entertainment City brand and the ideal locations forged by our team."
Established in 1992, MAF GroupMAF Group has successfully brought the concept of regional shopping malls and hypermarkets to the Gulf region.
With over 80 million customers a year, Majid Al Futtaim PropertiesMajid Al Futtaim Properties is continually seeking new opportunities for expansion into countries across the region.
Yousuf Darwish, General Manager of Qatar Entertainment City, said: "For a country with one of the highest GDPs in the world, the Qatar market is vastly underserved with large-scale, world-class retail developments such as the Downtown Precinct.
"We are delighted that the first phase of our first Entertainment City concept is now truly underway."
Entertainment city: Shopping and more
The project will serve both the emerging Lusail area and the wider community in Qatar. It will include:
- A 150,000 square metres retail leisure and entertainment mall including a Carrefour hypermarket.
- A five-star boutique department store.
- A five-star hotel comprising 210 rooms.
- A four-star hotel comprising 250 rooms.
- Two office buildings offering 28,000 square metres of space.
- Around 1,000 apartments offering 167,000 square metres of residential space.
- 7,000 convenient and accessible parking spaces.
© Gulf News 2008. All rights reserved.
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