Qatari Diar and the Turkish Ministry of Environment and Urban Planning have laid the foundation stone for a project to redevelop the historic Sulaymaniyah district in the Turkish city of Istanbul.
Eng. Abdullah bin Hamad al-Attiyah, CEO of Qatari Diar, and Turkish Minister of Environment and Urban Planning Murad Koroum laid the foundation stone in the presence of the mayor of Istanbul and a number of dignitaries.
The project, owned by Qatari Diar, has a total area of 102,000sq m in the centre of Istanbul's historic area. It is comprised of residential and commercial buildings, hotels, roads and pedestrian areas, parking lots and re-development of archaeological and heritage sites such as mosques, wells and fountains.
The cost of the project is approximately QR3.1bn. It is designed to be a turning point for the Sulaymaniyah area within the framework of a strategy that preserves the heritage nature of the area while developing a modern city.
Expected to be completed by the end of 2023, the project's earlier tasks like approval of government agencies have been completed while the engineering work has been initiated.
Qatari Diar Real Estate Investment Company was established in 2005 as a member of the Qatar Investment Authority (QIA) to support the growing Qatari economy and implement real estate development projects inside and outside Qatar. Qatari Diar has a capital of $8bn, with more than 60 projects under development in Qatar and 24 countries around the world, with investments estimated at more than $35bn.
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