HE the Minister of Finance Ali Sherif al-Emadi, who is also chairman of Qatari Diar Real
Estate Investment Company, and other dignitaries, at City Center DC project in
Washington. Below: Qatari Diar’s CEO Khaled Mohamed al-Sayed addressing the ceremony.
QNA/Washington
Qatari Diar yesterday announced the inauguration of City Center DC project in Washington, worth $1.5bn.
HE the Minister of Finance Ali Sherif al-Emadi, who is also chairman of Qatari Diar Real Estate Investment Company, Qatar’s ambassador to the United States Mohamed Jaham Abdulaziz al-Kuwari and Qatari Diar’s CEO Khaled Mohamed al-Sayed as well as the mayor of Washington attended the ceremony.
Al--Emadi described City Center DC “a reflection of the strong friendship between Qatar and the United States”. He added that Qatar was looking to invest in the US market, noting that exchanging economic benefits went hand in hand with growing political relations.
The minister added that the City Center DC’s success allowed the company to start a new project, a five-star hotel. The construction will begin in the fall of 2015.
Meanwhile, Qatari Diar’s CEO Khaled Mohamed al-Sayed said that City Center DC was the beginning of the company’s investments in the United States and North and South America, particularly after the recovery of the US economy.
He also stressed that the company’s newly-opened regional office would enhance its reputation in the Americas.
City Center DC is Qatari Diar’s first significant investment in the US property market. It is a pedestrian-friendly, mixed-use development that spans over 147,000 sqm.
The project comprises six buildings containing 458 rental apartments and 216 condominiums, as well as 48,000sqm of office space and more than 17 ,000sqm of retail space.
City Center DC has already realised tremendous success, having leased 100% of its office space, sold more than 85% of its condominium residences and leased more than 85% of its apartments. Several retail stores and restaurants have already opened up. Upon completion, the City Center DC retail component will include over 60 apparel stores.
“The success of the project brings added value to the real estate market in the US for the efficiency and use of eco-friendly systems which conform to standards of sustainability and green buildings, contributing to the rationalisation of energy consumption and bringing healthier lifestyle for the residents,” a Qatar Diar release said.
