Monday, Oct 05, 2009
BEIRUT (Zawya Dow Jones)--Qatar's Ezdan Real Estate Co., Qatar General Insurance and Reinsurance Co. and Al Sari Trading Co. said they have signed a memorandum of understanding to develop a joint real estate project with an estimated investment cost of about 2.5 billion Qatari riyals ($686.5 million).
The project that will be completed in about three years involves the construction of four residential towers in the West Bay area in Doha, the three parties said in a statement Sunday.
The towers, which will rise to approximately 55 floors, will comprise more than 1,300 residential units and will have a built-up area of about 560,000 square meters, according to the statement.
The project will cover an area of roughly 30,000 square meters and will also include commercial and entertainment facilities as well as hotel apartments, the statement said.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
05-10-09 0510GMT
