Qatari Diar CEO Says Company's Investments in Qatar Worth QR 50 Billion

Qatari Diar CEO Says Company's Investments in Qatar Worth QR 50 Billion By Shalini - April 14, 2022
Qatari Diar CEO Says Company Investments in Qatar Worth QR 50 Billion

Qatari Diar CEO Says Company's Investments in Qatar Worth QR 50 Billion

CEO of Qatari Diar Abdullah bin Hamad Al Attiyah said that the company's investment inside the country has reached around QR 50 billion, in a nod to the large investments the company have undertaken over the past years.

He told Qatar News Agency (QNA), that many more projects are still under development. He highlighted that the city of Lusail is one of the company's most prominent project, highlighting that it reflects Qatar National Vision 2030 in the real estate sector. He added that some of the company's other projects include Qatar National Convention Center, the Sheraton Park, Legtaifiya Lagoon, and the commercial avenue in Abo 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 percent and 85 percent complete respectively.

He lauded the visit made recently by HH the Amir Sheikh Tamim bin Hamad Al-Thani to the two projects. He said that His Highness was briefed on the workflow and progress for the two projects. He added that the visit reflected the importance of the project, given it will be close to Lusail stadium. He also said that the visit reflected Qatari Diar's leadership in implementing strategic projects, the most prominent of which was Lusail.

Regarding the challenges that faced the two projects, he stressed that the obstacles were mainly a result of the COVID-19 pandemic and included the disruption of global supply chains for materials. He highlighted that all challenges have been overcome while maintaining the safety of the workers.

He said that Darb Lusail, which is a commercial avenue, will be a unique experience of Downtown Lusail that reflects the rich Qatari culture. He added that it will be an important destination for shopping, working, and living. on Al Saad Square, he said they consist 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 to offer 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, indicating that the idea of smart cities depends on balancing the shortage of basic needs without excessive use of available materials, and this is done by employing modern technology to improve services and manage them automatically, taking into account the preservation of identity and local culture.

On investments abroad, he said they are worth $50 billion. He added that there are also 50 investment projects under development in 22 countries around the world with an investment value of $35 billion. 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 CEO of Qatari Diar pointed out that this type of investment is one of the most important vital sectors, 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)

Source: QNA

By Shalini - April 14, 2022

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