Qetaifan Projects, the leading Qatari real estate development company owned by Katara Hospitality, and Dar Al Arkan, the realty major in Saudi Arabia, have signed an agreement valued at QR700mn to develop a premium project on Qetaifan Island North.
The project marks Dar Al Arkan’s foray into Qatar with the aim of driving the development of the luxury property market and support the growth of Qatar’s real-estate sector.
An agreement was signed Monday by Sheikh Nasser bin Abdulrahman al-Thani, managing director, Qetaifan Projects, and Ziad El Chaar, vice chairman of Dar Al Arkan Properties, at the Cityscape Qatar, which will conclude Tuesday.
Through the partnership, Dar Al Arkan will develop a luxury project on Qetaifan Island North comprising premium residential units with glorious direct, front line sea views that capture the timeless appeal of seafront living coupled with modern amenities.
The project will also offer residents access to specialised retail outlets on the ground floor. Work on the development will start in the second quarter of 2022 and total sales are expected to reach over QR1bn.
Expressing confidence that the tie up would strengthen the foreign direct investment into the country; Sheikh Nasser said the reach of Dar Al Arkan in the Saudi Arabian markets will bring more investors as owners into this project.
"Today we are talking as developers and tomorrow we have individual blocks and units that are going to be sold whether to investors from Saudi Arabia or the UAE or to any country in region. So we are open to inviting any kind of investors," he said, adding the project is expected to be completed by 2026.
The Saudi Arabian firm views Qatar as "very promising" market since it presents to the international investors a good package in terms of pricing, rentals, residency and very importantly connectivity.
"With one of the busiest international airports and the best airlines in the world, this represents a very big opportunity for international investors to invest in Qatar. Today Doha present one of the nest options in terms of safety and security," El Chaar said.
Sheikh Nasser said Qetaifan Island North is being developed to become an attractive and sought-after destination with its many residential, entertainment, retail and recreational offerings that will put Qatar on the regional and global tourism map.
"We are happy to conclude this agreement, which shows Qetaifan Projects’ efforts to provide an attractive investment environment for foreign investments and 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, working hand in hand to achieve Qatar Vision 2030,” he said.
Appreciative of Doha’s thriving real-estate market, El Chaar said as the nation gets ready to host the World Cup next year, "we believe this global event will have positive implications for the market and position Qatar as a desirable market that is equally attractive to both local residents and international investors."
Qetaifan Island North is emerging as a thriving waterfront hub representing a new, modern lifestyle. The distinct island will feature a thrilling waterpark, an array of luxurious hotels, unrivalled accommodation, exceptional retail options, and world class facilities that make it a vibrant and attractive community.
The island seeks to develop into an internationally acclaimed and recognised landmark location and Qatar’s future iconic destination.