QGIRCO, Al-Sari, and Ezdan Real Estate develop four residential towers providing 1,300 residential units.
Doha, 4th of October 2009: A new real estate project was announced in Doha at a press conference that witnessed the signing of a memorandum of understanding (MOU) among Qatar General Insurance and Reinsurance Company, Al-Sari Trading Co., and Ezzdan Real Estate.
Speaking at the press conference where Sheikh Nasser Bin Ali Al Thani, Chairman of Qatar General Insurance and Reinsurance Company and of Al-Sari Trading Co., and Sheikh Thani Bin Abdullah Al Thani, Chairman of Ezzdan Real Estate Company.
According to the MOU the parties agreed to develop a joint real estate project that would include constructing four residential towers on a land with an area of roughly 30,000 square meters in the heart of West Bay Doha. The estimated total investment cost of the project would be up to 2.5 billion Qatari Riyals. The project shall significantly contribute to the development of the property market in Qatar and will facilitate the most exclusive lifestyle within the region through its unique characteristics and features.
The four towers will rise to approximately 55 floors and will provide about five hundred sixty thousand square meters of built up area. The project will supply more than one thousand three hundreds residential units of medium and large size in addition to commercial and entertainment facilities. Luxurious hotel apartments are also planned. The estimated time frame for completing the construction of the project is three years.
Sheikh Thani Bin Abdullah Al Thani, Chairman of Ezdan Real Estate Company, expressed his pleasure for concluding the MOU considering it as another accomplishment for Ezdan. He added that such projects contribute to the growth of the real estate sector and the overall economy of Qatar. It also creates alliances among different market players for the building of a better nation under the guidance of His Highness Sheikh Hamad Bin Khalifa Al Thani the Emir of Qatar and His Highness Sheikh Tamim Bin Hamad Al Thani the Heir Apparent. He emphasized their important role in the recovery of the Qatari economy in light of the world economic crisis which did not have significant impact on the Qatari economy due to their wise decisions.
Sheikh Thani Bin Abdalla considered that this project is the first among other diversified projects that Ezdan intends to launch in the near future.
Sheikh Nasser Bin Ali Al Thani, Chairman of Qatar General Insurance and Reinsurance Company and of Al-Sari Trading, expressed his gratitude and devotion for His Highness Sheikh Hamad Bin Khalifa Al Thani - Emir of the State of Qatar, His Highness Sheikh Tamim Bin Hamad Al Thani - Heir Apparent, and His Excellency Sheikh Hamad Bin Jassim Bin Jaber Al Thani - Prime Minister and Minister of Foreign Affairs, for the continued growth and development of the national economy.
Sheikh Nasser considered that concluding the MOU signals the launch of an ambitious real estate development project which reflects the trust in our national economy. He hoped that this project will mark the beginning of a prosperous strategic partnership with Ezdan Real Estate Company. He announced that the project has been developed to meet the increasing demand for residential units in Qatar and is in line with Qatar General Insurance and Reinsurance strategy of contributing to the growth of the property market in Qatar and its commitment to the highest quality standards. He pointed to the fact that the real estate sector in Qatar continues to report a steady growth rate despite the global economic crisis that affected many markets. Sheikh Nasser concluded that this project marks the biggest real estate investment project launched in Qatar for the current year.
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© Press Release 2009
