RIYADH -- Dar Al Arkan, the leading real-estate company in Saudi Arabia, and Qetaifan Projects, a leading Qatari real estate development company owned by Katara Hospitality, have signed an agreement to develop a premium project on Qetaifan Island North. The project marks Dar Al Arkan's first entry into Qatar with the aim of driving the development of the luxury property market and support the growth of Qatar's real-estate sector.
Through the partnership, Dar Al Arkan will develop a luxury project on Qetaifan Island North comprising of premium residential units with glorious direct, front line sea views that capture the timeless appeal of seafront living coupled with modern amenities. The project will also offer residents access to specialised retail outlets on the ground floor. Work on the development will start in Q2 2022 and total sales are expected to reach over 1 billion Qatari Riyal.
Ziad El Chaar, Vice Chairman of Dar Al Arkan Properties, said: "We are excited to become part of Doha's thriving real-estate market. As the nation gets ready to host the World Cup next year, we believe this global event will have positive implications for the market and position Qatar as a desirable market that is equally attractive to both local residents and international investors. Our project on Qetaifan Island is unique and builds on the Dar Al Arkan's strategic aspirations of elevating the offerings as well as quality of the real-estate sector in the region."
HE Sheikh Nasser Bin Abdulrahman Al-Thani, Managing Director, Qetaifan Projects, said: "We are delighted to work with Dar Al Arkan on this unique premium project. Qetaifan Island North is being developed to become an attractive and sought-after destination with its many residential, entertainment, retail and recreational offerings that will put Qatar on the regional and global tourism map. We are happy to conclude this agreement, which shows Qetaifan Projects' efforts to provide an attractive environment for foreign investments and provide the local market with international standards and options that work on developing and revitalizing sectors such as tourism, hospitality, entertainment and of course real estate development, working hand in hand to achieve Qatar Vision 2030."
Qetaifan Island North is emerging as a thriving waterfront hub representing a new, modern lifestyle. Inspired by the rich culture and nature of the region, the distinct island will feature a thrilling waterpark, an array of luxurious hotels, unrivalled accommodation, exceptional retail options, and world class facilities that make it a vibrant and attractive community.
The island is also a symbol of the vision, insight, and aspiration to develop into an internationally acclaimed and recognised landmark location and Qatar's future iconic destination.
© Press Release 2021