*Qatari Diar investments in Qatar worth QR 50bn, overseas investments more than $50bn
* Al Saad Square project consists of four towers that have 50 floors each, in addition to two towers that will have 70 floors. The project will also have 14 other buildings offering different commercial uses, in addition to four or five floors underground for parking.
Qatari Diar's investment inside Qatar has reached around QR 50bn, Abdullah bin Hamad al-Attiyah, CEO of the leading real estate development company has said.
Many more projects are still under development, he said. The city of Lusail is one of the company's most prominent projects, stressing that it reflects Qatar National Vision. Some of the company's other projects are Qatar National Convention Center, the Sheraton Park, Legtaifiya Lagoon, and the Commercial Avenue in Abu Hamour.
As for the Darb Lusail and Saad Square projects, he said that some of the work related to the two projects will be completed ahead of the start of the FIFA World Cup Qatar 2022. He said that the two projects were 96.5% and 85% complete, respectively.
The CEO lauded the visit made recently by His Highness the Amir Sheikh Tamim bin Hamad al-Thani to the two projects. He said that the His Highness the Amir was briefed on the workflow and progress of the two projects. His Highness the Amir's visit showed the importance of the projects, he said.
Regarding the challenges faced by the two projects, he said the obstacles were mainly due to the Covid-19 pandemic, which disrupted global supply chains. He said all challenges have been overcome.
He said that Darb Lusail, which is a commercial avenue, will be a unique experience of Downtown Lusail that reflects the rich Qatari culture. It will be an important destination for shopping, working, and living. Al Saad Square, he said consists of four towers that have 50 floors each, in addition to two towers that will have 70 floors. The project will also have 14 other buildings offering different commercial uses, in addition to four or five floors underground for parking space.
Al-Attiyah said that the World Cup will have a tremendously positive impact on Lusail, given that fans from all over the world will come to Qatar and see what Lusail has to offer. He added that this in turn will also reflect positively on tourism, given the host of world-class hospitality services offered.
On the future of Lusail after the World Cup, al-Attiyah said that the goal was always to create an environmentally-friendly city that can attract investment in all fields, and enhance the living standards of citizens and residents. He stressed that the city of Lusail was built and developed to contain all the components of a modern city in terms of the quality of services it provides for its residents and those going for work, highlighting that it is an integrated, smart and sustainable city. Lusail City is one of the largest smart cities in the world.
On investments abroad, he said they are worth $50bn. He said there are 50 investment projects under development in 22 countries around the world with an investment value of $35bn. He said that some of these projects include The Conrad Hotel in the US, The St. Regis Cairo and CityGate in Egypt, Diar Dushanbe in Tajikistan, , Chancery Building (US Embassy) and Chelsea Barracks in the UK, among others.
On investing in real estate in light of the current challenges around the world, the Qatari Diar CEO pointed out that this type of investment is very important , given its status as a long-term investment with appropriate returns and limited risks compared to other investments.
He stressed that the Qatari real estate sector succeeded in managing the repercussions of the Covid-19 pandemic, which contributed to maintaining real estate stability in the region. He said that housing is a basic need, and so even if it runs into difficult economic conditions, it will eventually recover.
(QNA)