DOHA: A multi-billion riyal real estate project will soon rise in the heart of West Bay as Qatar General Insurance and Reinsurance Company (QGIRC), Al Sari Trading Co and Ezdan Real Estate have agreed to jointly develop four residential towers, which will soon be added to Doha's impressive skyline.
The venture was announced during a press conference yesterday at the Sharq Village and Spa to formally sign a memorandum of understanding (MOU) among the three companies represented by Sheikh Nasser bin Ali Al Thani, Chairman of QGIRC and Al Sari Trading and Sheikh Thani bin Abdullah Al Thani, Chairman of Ezdan Real Estate Co.
The residential towers would be constructed on a sprawling 30,000 sq m land in the West Bay area and has an estimated total investment cost of QR2.5b.
They are expected to contribute significantly to the development of the property market in the country, facilitating the most exclusive lifestyle within the region through their unique characteristics and features.
With approximately 55 floors, the skyscrapers would provide about 560,000 sq m built up area. They will supply over 1, 300 residential units of medium and large size in addition to plush hotel apartments and commercial and entertainment facilities.
Sheikh Thani said the project is the first among other diversified projects Ezdan intends to launch in the near future which would contribute to the real estate sector and the overall economy of the country through creating alliances among the different market players.
He emphasised the important role played by the Emir H H Sheikh Hamad bin Khalifa Al Thani and the Heir Apparent H H Sheikh Tamim bin Hamad Al Thani in the Qatari economy in light of the global economic crisis.
Considering the project as the biggest launched this year, Sheikh Nasser said it was aimed at meeting the increasing demand for residential units and part of QGIRC's contribution to the Qatari economy and its commitment to highest quality standards.
By Raynald Rivera
© The Peninsula 2009
