Doha - First Qatar Real Estate Development Company has signed a QR265m contract with Qatar Arabian Construction Company (QACC) to construct its first tower at the Pearl-Qatar project.
First Qatar, a closed Kuwaiti shareholding company established with a paid-up capital of KD50m (QR600m), has also unveiled its main office yesterday at the D Ring Road for its activities in the Qatari market.
It has also signed a contract with Projacs International Company to become its Project Management Company for its four Pearl-Qatar sites as well as a consultancy contract with EHAF.
Fahad Al Ghunaim, Chairman and CEO of First Qatar said First Qatar is looking forward to enhancing the booming construction and urban sector in Qatar
"Qatar is an emerging market as giant projects in gas, oil and infrastructure have achieved phenomenal growth," he said.
He said that First Qatar is very keen to achieve the best for investors as well as for the owners of residential units. "Our Company plans to construct, develop and market luxurious buildings for both residential and commercial uses," he said, adding that the first tower features a total of 200 residential units and that the project will be completed within 22 months in Aug 2008.
© The Peninsula 2006
