Wednesday, Jul 13, 2011
DOHA (Zawya Dow Jones)--Qatari Diar, the property arm of the Gulf Arab state's sovereign wealth fund, said Wednesday it had bought a deep-water yacht marina in north east Spain for an undisclosed sum, continuing the developer's investment in the tourism sector.
Through its subsidiary, Qatari Diar Marina Tarragona, the state-owned developer said in a statement that the Port Tarraco Marina, located 95 kilometers south of Barcelona, was one of the "few existing marinas of its kind in the western Mediterranean to offer deep water berthing for large, sophisticated super, mega and giga yachts."
The marina contains 64 berths for boats measuring between 30 and 160 meters, the company said.
Early last year, Qatari Diar said it would buy the Raffles Hotel in Singapore for $275 million and took a stake in hotelier Fairmont Raffles Holdings International from Kingdom Holding, run by Saudi billionaire Prince Alwaleed bin Talal.
Qatari Diar is involved with over 35 projects in more than 20 countries worldwide, it said.
Zawya Dow Jones Tuesday reported that Qatar's Finance Minister Yousef Kamal had replaced the Gulf Arab state's prime minister as chairman of the real estate firm.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818;alex.delmar-morgan@dowjones.com
(END) Dow Jones Newswires
13-07-11 1605GMT
