Mazaya Real Estate Development is considering a strategic partnership with Ariane Real Estate to develop a part of the Ariane City project, which is coming up in Mesaimeer.
The project is under implementation and is expected to complete the first phase by the second half of 2021, said the company in a regulatory filing with the Qatar Stock Exchange.
The master-planned city district and urban environment spans a total area of 1.24mn sqm, which contains approximately 196 residential buildings in addition to 1km dedicated to retail shops, boulevard and commercial street, hospitals and schools as well as various other services that cover the needs of the residents of this city.
The idea of a partnership in developing this project is a step in the right direction to invest shareholder funds in projects that guarantee the flow of remunerative liquidity to the company for the benefit of the shareholders, said Ibrahim Jaham al-Kuwari, managing director of Mazaya Real Estate Development.
“This partnership is a new step to increase the company’s sources of income. The return from these buildings is guaranteed according to the agreement to be entered in with Aryan Real Estate, as it will commit to leasing these buildings at a fixed return for a period of five years,” he said.
Khalifa Jameel al-Majed, chief operation officer at Aryan Real Estate, welcomed the co-operation between the two Qatari firms and hoped that it would be the beginning of other new collaborations in future projects.