A Memorandum of Understanding has been signed between Qatari Diar and Masraf Al Rayan to cooperate on the development of the Lusail Corniche Project, part of the Lusail Waterfront District.
Signing on behalf of Masraf Al Rayan were Dr. Hussain Al-Abdulla / Chairman & Managing Director and on behalf of Qatari Diar, Mr. Nasser Al-Ansari / CEO.
Spread across an area of 600,000 sq m, the project will cost approximately US$2,250,000,000 to develop. Masraf Al Rayan will take the primary role of the arranging as well as lead managing the mobilization of funds needed for financing the project within an agreed time frame according to the overall plan for the Lusail Waterfront District. Masraf Al Rayan’s role however is not limited to financial involvement, but will also be developing the project together with Qatari Diar through an investment fund.
The general architectural design direction for the Lusail Waterfront will be of high international standards, taking its character from traditional Arabic urban form, meandering and pedestrian oriented streets, and streets designed for ‘cruising.’
There will be view corridors and walkways oriented to the water, with whitewashed buildings focused on outdoor activities and shading structures for the summer months.
Additionally, the development is to be identifiably “Qatari” in architectural “form” while being “modern” at the same time. The residents are part of a global world and will expect that the built environment be up-to-date in every way.
With approx 2.5 km of waterfront promenade for public use, the Corniche links the 4 distinguished districts, landscaped waterfront wadi and Lusail Entertainment District.
The project is comprised of Boutique Hotels, high-end cafes and restaurants overlooking the Arabian Gulf, residential units with mix use upper floors and up market retail outlets.
Dr. Hussain Al-Abdulla commented: “We are delighted to have signed this agreement with Qatari Diar which will no doubt strengthen our position in the local market and help us to achieve our goals of being a truly progressive force in the banking world. We consider Qatari Diar to be an important strategic partner and we look forward to teaming up on upcoming projects, as we continually assess local and regional opportunities.”
Mr. Al-Ansari added: “The signing of this Memorandum of Understanding with Masraf Al Rayan is part of our strategy in developing projects in partnership with and support of local financial institutions. We expect this project to start by the end of 2007 and aim for completion at the end of 2009, when we will apply the finishing touches to the Lusail project with this truly stunning Waterfront District”
Wholly owned by the Qatar Investment Authority, Qatari Diar Real Estate Investment & Development 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.
Masraf Al Rayan the region’s only fully fledged commercial and investment bank with an entirely Shari’ah compliant portfolio of products. Launched in October 2006 with a paid up capital of US$1b and over 600,000 sharholders from across the Gulf, Masraf Al Rayan was created to offer the highest standards of service along with innovative banking products in an exclusively Shari’ah compliant environment.
© 2007 Al Bawaba (www.albawaba.com)
