Ambitious undertakings, such as the QR634mn (£1275mn) British school and medical facility to rise in Qetaifan Island North, reflect the keenness of the Qatari government’s bid to attract more foreign direct investments (FDI), an official of Qetaifan Projects said on Tuesday.
Sheikh Nasser bin Abdul Rahman al-Thani, managing director of Qetaifan Projects, said the memorandum of understanding (MoU) and partnership he signed with UK specialist real estate developer, Fenton Whelan, and UK investment and development firm, Aplomado Investments Ltd, “shows the concerted efforts of government bodies and institutions in the country.”
Speaking at the signing ceremony, Sheikh Nasser said Qatari government bodies and institutions “have worked and are still working to provide an attractive investment environment for foreign investments.
“And perhaps the most prominent of these efforts is starting to implement the freehold law for non-Qataris, which would provide the local market with international standards and options that work on developing and revitalising sectors, such as tourism, hospitality, entertainment, and, of course, real estate development,” he said.
Sheikh Nasser said, “We do not consider the medical centre and the school as just an addition to the residents of Qetaifan Island North, but we treat this type of facility as an addition to the whole local real estate development market, which would increase investment opportunities, improve the quality of projects, and allow the real estate developer to focus on the investor by providing appropriate livelihoods and providing projects with the services and facilities necessary to provide an exceptional lifestyle, which in turn will positively affect the value of the investment plots and will encourage entering into more partnerships, whether local, regional, or international.”
He said not only is Qetaifan Island North the first entertainment destination in Qatar that has world-class facilities, but behind it is a “distinguished team” and “ambitious young Qatari cadres with a promising future.”
British ambassador Jon Wilks said, “I am delighted that Qetaifan Projects, and UK investors Fenton Whelan and Aplomado Investments, have formed a partnership to develop a British school and a British medical centre on Qetaifan Island North.
“I look forward to seeing our high-quality British healthcare and education institutions establishing themselves as leaders in their field in Qatar at one of Qatar’s most desirable new residential and leisure areas. The UK is proud to support this project in Qatar as a symbol of partnership and confidence between our two countries.”
Qetaifan Island North has been developed to be a touristic destination and the first choice for tourists as the first entertainment destination overlooking the waterfront of the State of Qatar, and the project’s masterplan includes residential and commercial real estate, a luxury 5-star hotel, a beach club, and a state-of-the-art waterpark under the management of the international chain of Rixos hotels, in addition to retail and festival plazas.
The establishment of a private K-12 school and a medical centre at the heart of the island is one of the company’s most prominent development plans. Qetaifan Island North is one of the most important factors in attracting investments that Qetaifan Projects worked on and culminated in the agreement.
Qetaifan Island North is a 1.3mn sqm development, which will provide a new waterfront destination for Qatar and is considered a unique development because of its diversified projects, including a linear park and a 1.2km salt canal linked to the sea, waterfront shopping and restaurants promenade, a 129,296sqm waterpark complementing the theme of the oil and gas industry, a 15,400sqm retail plaza and a 5-star hotel comprising 335 keys and 10 chalets. Alongside these retail and leisure facilities, there will be mixed-use residential buildings, including 107 villas and over 3,650 apartments and penthouses, in addition to the school, medical centre, and mosque.