Qatar's largest retail and leisure destination breaks ground
Doha, April 23rd, 2013. The second phase of Doha Festival City commenced construction this week with a groundbreaking ceremony presided over by senior officials and representatives of the mixed-use development north of downtown Doha.
Following last month's successful opening of IKEA - part of the development's first phase - Doha Festival City officials are now setting a Q1 2016 date for the opening of the development to include Qatar's largest mall as well as a major entertainment component, hotel and conference centre, and stylish motor showrooms.
"We are setting a realistic time frame target that is in line with a delivery schedule designed to meet the expectations of tenants who have already committed their presence at Doha Festival City," said Kareem M. Shamma, Chief Executive Officer, Bawabat Al-Shamal Real Estate Co. WLL (BASREC), the joint venture representing the development's Qatari and Emirati shareholders.
Doha Festival City is owned and developed by Bawabat Al-Shamal Real Estate Company W.L.L. (BASREC), the parent company which is supplying the land for this iconic development. BASREC comprises four shareholders including Dubai-based Al-Futtaim Real Estate Services, Qatar Islamic Bank (QIB), Aqar Real Estate Development & Investment and a private Qatari investor.
The mall phase of the development officially broke ground at 09.00 am on April 23rd, 2013 at a 433,847 m2 site that is also home to the first IKEA store in Qatar, which opened for business last month. It is strategically located just north of downtown Doha on the main arterial route of Al Shamal Road.
"Qatar is ready for something special that will revolutionise the country's retail landscape and Doha Festival City's exceptional and expansive portfolio of shopping, leisure, dining and entertainment options will deliver an unrivalled experience to residents and visitors alike," said Greg Douglas, Development Director, Doha Festival City.
-Ends-
© Press Release 2013
