Qatar’s Faisal Bin Qassim Al-Thani and Sons Holding Co. (FBQHC) has signed a long-term management agreement for City Center - Doha with Germany’s Einkaufs-Center-Entwicklung (ECE), a developer of inner city shopping centers. ECE will start operating City Center – Doha from March 1, 2004.
According to FBQHC, this agreement is the first of its kind in the Middle East since shopping centers are usually managed by their real estate investments engaged in the ownership or independently recruited employees.
ECE manages 74 shopping centers with an additional 12 shopping centers in planning and construction stages in Germany, Poland, Turkey and Hungary. Alongside these operations, ECE has also developed 35 office buildings, transport complexes, logistics centers, company headquarters, office complexes and other special-purpose properties.
This agreement is exclusive for City Center – Doha in Qatar, however further agreements will be signed in the Gulf region, as FBQHC is seeking investment opportunities with its new partner, the company said. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
