PHOTO
03 August 2017
Doha-based Mohammed Al Mana Group is set to build a new mall at The Pearl-Qatar after agreeing a deal to buy a plot of land from master developer United Development Company (UDC).
UDC said that the land will be used for a mall branded as 04 Mall, which will open its doors in the third quarter of next year.
Abdulaziz Mohammed Hamad Al Mana, CEO of Mohammed Al Hamad Al Mana Group, said that the 04 Mall "will be our fourth community mall project, adding to our portfolio of 40,000 sqm of already open retail spaces around Doha".
"We are already a major real estate player in the Qatari market with a total 1.6 billion Qatari riyal [$436 million] investments in The Pearl alone," he said.
He said that the mall would contain three department stores, a supermarket, a five-screen cinema and a gym and would be targeted at residents of The Pearl and the nearby West Bay community.
UDC said that the Pearl-Qatar had achieved a number of recent construction milestones, including work starting at the 480-unit Al Mutahidah Towers in the Viva Bahriya district and the construction of ten prototype villas in Giardino Village.
Last month, UDC reported a 10 percent year-on-year decline in net profit to 318 million Qatari riyals, although revenue increased by 32 per cent to 1.07 billion riyals.
© Zawya 2017
Doha-based Mohammed Al Mana Group is set to build a new mall at The Pearl-Qatar after agreeing a deal to buy a plot of land from master developer United Development Company (UDC).
UDC said that the land will be used for a mall branded as 04 Mall, which will open its doors in the third quarter of next year.
Abdulaziz Mohammed Hamad Al Mana, CEO of Mohammed Al Hamad Al Mana Group, said that the 04 Mall "will be our fourth community mall project, adding to our portfolio of 40,000 sqm of already open retail spaces around Doha".
"We are already a major real estate player in the Qatari market with a total 1.6 billion Qatari riyal [$436 million] investments in The Pearl alone," he said.
He said that the mall would contain three department stores, a supermarket, a five-screen cinema and a gym and would be targeted at residents of The Pearl and the nearby West Bay community.
UDC said that the Pearl-Qatar had achieved a number of recent construction milestones, including work starting at the 480-unit Al Mutahidah Towers in the Viva Bahriya district and the construction of ten prototype villas in Giardino Village.
Last month, UDC reported a 10 percent year-on-year decline in net profit to 318 million Qatari riyals, although revenue increased by 32 per cent to 1.07 billion riyals.
© Zawya 2017
