Al Saad: "QATARI DIAR taps into Cuba emerging tourism market"

Al Saad "These new joint venture agreements come in line with QATARI DIAR sustainable development strategies"

Mr. Luis Miguel Diaz: "Our partnership with QATARI DIAR offers us great potentials"

Doha, Qatar: May 12, 2009: QATARI DIAR Real Estate Investment Company (QATARI DIAR), a leading company in sustainable development projects in Qatar and the world, through its subsidiary Qatari Resorts Company, has recently signed two agreements on sustainable tourism investments in Cuba.

Mr. Ghanim bin Saad Al Saad, CEO of QATARI DIAR and Director of Qatari Resorts Company, has signed the two agreements during his visit in Cuba last week. QATARI DIAR concluded a Joint Venture Agreement for a $75 million investment  with Gran Antilla S.A , an affiliate of Gran Caribe, a Cuban company 100% owned by the Cuban Ministry of Tourism, to develop an exclusive 5-star resort in Cuba.

As the first major joint venture between Qatar and Cuba, this key partnership will cement two close visions of quality community resort. Gran Paraiso, the Joint Venture Company, will develop and manage an island resort located 30 minutes flight from Havana, on a 28.59 hectares parcel of land in Cayo Largo del Sur.

Reflecting the traditions and customs of the local Cuban culture, Cayo Largo del Sur, the new luxury resort hotel and spa, will consist of up to 450 bedroom hotel with world-class amenities, including a spa and fitness centre. The second phase of development will include 60 deluxe villas, designed to create a dwelling for travelers' community.  The development will be complimented by retail facilities and is scheduled to open in 2012.

"Signing these agreements comes in line with QATARI DIAR's vision and strategy to support sustainable development. Cuba offers a good market that we look for a strong presence in; therefore, these agreements give us the opportunity to invest in Cuba's emerging tourism and economy," commented Mr. Al Saad.

Mr. Luis Miguel Diaz, president of Gran Caribe, added: "With this new Joint Venture with QATARI Diar, we will initiate the development of many other projects in the tourism sector. It is a first step in a long term win-win business relation."

Gran Caribe Group is one of the leading hotel operators in Cuba with 47 hotels strategically positioned in the most important locations. A natural fit for a partnership with QATARI DIAR, Gran Caribe and QATARI DIAR will offer world-class, quality products and services that are designed to reflect the spirit of the Cuba culture.

Furthermore, another Joint Venture agreement between QATARI DIAR and Habaguanex S.A. Compania Turistica, a Cuban tourist company based in Old Havana was concluded. The potential project, named Prado y Malecón, involves the development and construction of a hotel in a plot of land located at the Malecón in Havana. Habaguanex S.A. Compania Turistica takes care of making the old Havan's historical center revive, through touristic investments renewing old traditions.

In keeping with QATARI DIAR's tradition of creating sustainable, community-enhancing projects, these two projects will generate hundreds of jobs during the construction phase while enhancing Cuba's tourism infrastructure and desirability as a tourist destination.  The resort and the hotel will also help cater to the needs of the Cuban business and tourism sectors, and will serve as an attractive venue for the growing number of people expected to travel to the country in the near future. 

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About QATARI DIAR Real Estate Investment Company
Wholly owned by the Qatar Investment Authority, QATARI DIAR Real Estate Investment Company was established in December 2004 to support Qatar's growing economy and to co-ordinate the country's real estate development priorities. QATARI DIAR creates distinguished property developments with local culture and lifestyle experience to attract tourism and residents generating sustainable and tangible socio-economic benefits.

QATARI DIAR's vision is to become the most trusted and effective real estate Investment Company by focusing its value proposition on the creation of quality, well-planned and desirable sustained developments. QATARI DIAR also provides local and foreign property developers with further opportunities to invest in numerous projects across the globe, including but not limited to Qatar, Morocco, Egypt and Europe. 

About Gran Caribe
Gran Caribe Group is one of the leading hotel operators in Cuba with 47 hotels strategically positioned in the most important locations. A natural fit for a partnership with QATARI DIAR, Gran Caribe offers world-class, quality products and services that are designed to reflect the spirit of the Cuba culture.  

About Habaguanex Compania Turistica
Habaguanex S.A. Tourist Company is based in La Habana Vieja (Old Havana). The company was established in 1994 to restore and rescue the historical center of Old Havana and to improve its hotel infrastructure and services.  Habaguanex S.A. is attached to the Office of the City Historian, and presents historical-cultural projects that focus primarily in the old part of Havana.  It is backed by museums, art galleries, performing arts centers and specialty stores that are reviving old traditions.  Habaguanex S.A. runs a score of hotels and inns, more than 30 restaurants, 60 cafeterias and bars, and over 80 shops and markets. Habaguanex's offers meet the demands from a segment of vacationers interested in urban tourism and Old Havana's attractions.

For Additional Details Please Contact: 
John Watts - Brown Lloyd James
+974 687 6682

© Press Release 2009