First Qatar Real Estate Development Company, a leading real estate company in the Middle East, today announced over US$400 million worth of its projects and company’s strategic expansion into Kuwait and Oman. The announcements were made at Cityscape Dubai, the 6th international property investment and development event.
“We are committed to develop quality living and leisure concepts with high business potential at First Qatar’s carefully chosen properties across the region.” Fahad K. Al-Ghunaim, Chairman and CEO of First Qatar asserted. “Keen interest for First Qatar projects at Cityscape Dubai epitomizes the recognition of our broader vision for a distinct lifestyle and creation of elite business and residential environments”, Al-Ghunaim stated.
Consolidating its presence in the region, First Qatar has also announced the acquisition of two strategic areas; a piece of land spanning over 5000 square-meters worth of $10 million in Al-Khuwair district in Oman to develop commercial and residential facilities; and a 2000 square-meter beach-front area worth of $18 million in Al-Bilajat area in Kuwait to develop a stylish and distinctive residential units.
The company has already set up an office in Kuwait and, early next year, will start operations in Oman to work on its projects in these two countries, which is a part of First Qatar’s regional expansion strategy.
In addition, the company is on its way to establish a comprehensive network of its agencies across the world with a focus on the Europe.
First Qatar has three mega projects at The Pearl-Qatar Island– the First Tower at Porto Arabia, which is valued at $110 million and will be delivered in September 2008; two towers at Viva Bahriya valued at $206 million, scheduled to be delivered in October 2009; and a project on Phase 3 at Abraj Quartier worth of $192 million, which will be delivered in June 2010.
Ahead of the development progress to deliver on time, company’s First Tower residential project at The Pearl-Qatar’s largest marina has reached level 4 and is on schedule to be delivered in September 2008.
Last year at Cityscape, company signed significant agreements with renowned companies that include - Projacs International, project manager; Qatari Arabian Construction Company (QACC), a prominent construction company; and Ehaf Consulting Engineers, one of the largest multidisciplinary design practice in the Middle East.
“First Qatar shares concepts rather than brick-and-mortar developments for its international investment entities and individual investors. Our macroeconomic policy takes many factors into consideration that include: the Return on Investment (RoI) amount and period, the highest business potential of the opportunity whether it is a plot, a fund or a stock related to real estate, and the implementation of the strategy,” added Al-Ghunaim.
First Qatar array of multidisciplinary services include - purchase, sale and rental of buildings and land plots for development; acquisition, purchase and sale of stocks and bonds of real estate companies; provision of real estate advisory and feasibility studies; acquisition, lease and management of hotels, motels, shopping and residential complexes, parks, leisure properties and tourist resorts; organization of real estate auctions, to exhibit and market company projects; establishment and management of real estate funds; investment of excess liquidity in real estate and money market portfolios managed by specialized companies, with the right to cooperate, acquire and merge with any entity specialized in similar tasks.
