The Qatari Diar Real Estate Investment Company and Abu Dhabi Investment House P.J.S.C. (ADIH) has signed a US$1.2 billion Memorandum of Understanding (MoU) to raise financing for the upcoming Lusail Entertainment District.
The agreement which marks strengthening ADIH presence further in Qatar’s growing economy was signed between Engineer Nasser Hassan Al Ansari, Chief Executive Officer of Qatari Diar Real Estate Investment Company and Mr. Rashad Janahi, Chief Executive Officer of ADIH.
Announcing the partnership, Engineer Nasser Hassan Al Ansari said: “The creation of Lusail Entertainment District envisages developing an ideal world-class tourist destination with latest technology in place. The project will add further value to the entire Lusail development and also improve the quality of living for residents within Lusail.”
The Lusail Entertainment District is a high-end entertainment and recreational district that will encompass a variety of leisure facilities and resorts for individuals and families of all ages. It will have the latest amusement park rides, five star hotels, coffee shops, restaurants, gardens and parks as well as world-class theaters.
Commenting on the agreement with Qatari Diar Real Investment Company, Mr. Rashad Janahi said: “The partnership marks a significant milestone for ADIH in its pursuit to generate value-added investment opportunities to its clients. This is our second investment partnership in the rapidly growing economy of Qatar with our involvement in the private placement of the multi-billion dollar Energy City Qatar coming up within Lusail, which we closed successfully raising US$100 million from the UAE market.”
He said Lusail Entertainment District will present investors another sophisticated investment opportunity. “As a financial institution which has strong focus on maximizing returns, one of our salient aims is to offer regional and global investors innovative investment opportunities linked to the unprecedented regional growth opportunity. We are confident that Lusail Entertainment District is another significant addition to our investment portfolio.”
Elaborating on the project, Engineer Al Ansari said: “It is anticipated that this project will commence in 2007 and will be completed by the end of 2009. This project is part of our desire to take part in the tourism and entertainment infrastructural development in a major way.”
“Our partnership with ADIH will help us develop the Lusail Entertainment District with sound backing from regional investors,” he added.
ADIH is involved in a host of infrastructural development projects in the region including Beirut Gate in Lebanon, which will be developed at an investment of US$600 million in the Beirut Central District, commonly known as Solidere. A US$160 private placement for Beirut Gate has been received by regional investors with enthusiasm.
In Bahrain, the financial instituition recently announced acquiring 600,000 square feet of land at US$86 million surrounding the lagoon on Amwaj Islands from Bahrain-based Ossis Property Developers, master developers of the US$1.5 billion property which will comprise a string of artificial islands. Other investment instruments of ADIH include a Euro 144 million German property fund among others.
