Doha: Plans are afoot for the expansion of the Doha City Centre. Construction modalities and a financial agreement worth $260m were signed on Monday by the Al Rayyan tourism investment company, the owner, and others in a function at hotel Rydges Plaza.
As per the agreement, construction of four hotels and other projects will start next month and will take 24 months to finish. The project comprises development on the west and east sides of the City Centre phase I building (shopping mall). The projects sites are entitled phase II west and phase III A east.
Phase II west consists of three below grade levels, an above ground seven storey podium under the Marriott courtyard and Marriott Renaissance towers, two towers, each tower including the podium is 50 storeys tall.
Phase III A east consists of three below grade levels, an above ground seven storey podium under the Shangri- La and Rotana towers. The Shangri La and Rotana are five- star hotels.
These projects are to be funded by Qatar's Commercialbank and Doha bank, Bahrain's Al Ahli United bank and Kuwait's Middle East bank.
The signing ceremony was attended by a number of senior officials from the participating companies and banks.
© The Peninsula 2005
