| 06 Sep 2010 |
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Al-Futtaim signs Dh6b deal
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DUBAI -- Al-Futtaim, one of the biggest family-owned enterprises in the region, on Sunday signed a Dh6 billion ($1.6 billion) agreement with Qatar Islamic BankQatar Islamic Bank
and Aqar Real Estate InvestmentAqar Real Estate Investment to develop a large retail and leisure project in Doha. The planned mixed-use development, the first of its kind in Qatar, will include a retail centre, an entertainment park and two hotels in Doha, the companies said in a joint statement. The proposed project will be located on the northern highway linking the Doha airport with the proposed Bahrain Causeway. It will be the largest multipurpose retail complex in Qatar.
"Construction for the 433,000 square metre project will begin in early 2011. The first retail phase is slated for completion in the first quarter of 2012 and the remaining two phases will be completed by 2015," the companies said in a joint statement.
Robert Willett, Group Chief Executive Officer, Al-Futtaim, said this project will transform the leisure, retail and entertainment industry in Doha while providing visitors a very attractive destination.
"We are excited to be part of this mega venture which will be a defining moment for Qatar's leisure, retail and entertainment industry. Our involvement symbolises Al-Futtaim's desire to remain innovative across all markets," Willett said.
The project is owned and developed by Bawabat Al-Shamal, the parent company which is supplying the land to construct this iconic development. Bawabat Al-Shamal comprises four primary shareholders including Al-Futtaim Real Estate Services, Qatar Islamic BankQatar Islamic Bank (QIBQIB), Aqar Real Estate Investment CompanyAqar Real Estate Investment Company and a private company. IKEA, ACE Toys "R" Us, Marks & Spencer and Intersport have already confirmed as the project's premier anchor tenants.
Al-Futtaim, established in 1930s, already has presence in Doha through its automotive, retail, technology and engineering businesses. It's real estate development arm, Al-Futtaim Group Real Estate, has built the award winning Dubai Festival City and Cairo Festival City.
"This joint venture agreement with the Al-Futtaim group demonstrates both parties' firm commitment to not only enhance Qatar's development, but amplify its positioning within the regional and global economy. I am immensely proud to have Al-Futtaim as our partner in progress because if there's anyone who knows a thing or two about customer centricity and the building of a lifestyle enterprise, it is Al-Futtaim," Salah Jaidah, Chief Executive Officer of QIBQIB, said.
QInvest, the largest Islamic investment bank in Qatar, was appointed as a financial advisor to all parties. Qatar Islamic BankQatar Islamic Bank owns a 49 per cent stake in Aqar Real Estate InvestmentAqar Real Estate Investment.
By Muzaffar Rizvi
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