Apr 06 2011 |
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Qatari Diar makes first move into U.S. property market
06 April 2011
Regan E. Doherty
Reuters
DOHA:Property developer
Qatari Diar
has made its first foray into the U.S. property market with a deal to build a $700 million development in Washington D.C., a company statement said Tuesday.
Diar, the property arm of the Gulf state’s sovereign wealth fund, will invest in a fund to finance a 10-acre, mixed-use development in downtown Washington which will include retail space, rental apartment and condominium units and office space, the statement said.
“We are proud to be sponsoring this landmark development in collaboration with the District of Columbia and our leading U.S. and international design and development partners to create a new neighborhood in the heart of Washington D.C.,” said Mohammad al-Saad, vice chairman of Barwa Bank.
Diar, which counts London’s Chelsea Barracks among its most high-profile overseas assets, has more than 80 projects worldwide, its chief executive has said. The firm was set up in December 2004 to support Qatar’s economic development, mainly in real estate.
© Copyright The Daily Star 2011.
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