Dubai: The region's largest entertainment and retail complex catering to residents in both Qatar and neighbouring countries is set to be built in Doha.
The Dh6 billion project is being developed by Bawabat Al Shamal.
Al-Futtaim, Qatar Islamic Bank and Aqar Real Estate Investment are the primary shareholders in the project.
"We are excited to be part of this mega venture which will be a defining moment for Qatar's leisure, retail and entertainment industry," said Robert Willett, Al-Futtaim Group CEO.
"This project, as with our Festival City brand in Dubai and Cairo, has been designed with the visitor in mind. Our knowledge in the region's retailing and leisure industry has taught us to do the uncommon, uncommonly well."
The retail complex will be located on the northern highway linking Doha International Airport with the proposed Bahrain Causeway.
"Doha's main growth and expansion is happening towards the north, hence the location we have picked. It is an ideal location for the future direction Doha is taking and for the catchment area," Marwan Shehadeh, managing director of Al-Futtaim Capital told Gulf News.
The project, which is slated to begin in 2011, is looking to complete its first retail phase in the first quarter of 2012 with the other phases set to be complete by 2015.
The 433,000 square metre complex will comprise a retail centre, entertainment park and two hotels.
"Unlike Dubai Festival City and Cairo Festival City, this project will be much more retail-focused. It will primarily be a super regional mall with a hotel and office building," Shehadeh said.
The retail complex will follow the retail footprint of Al-Futtaim's other mall complexes, Dubai Festival City and Cairo Festival City, and will include favourite mid-range brands such as Ikea, Ace hardware, Toys ‘R' Us, Marks and Spencer and Intersport.
Good reception
David Macadam, head of retail at Jones Lang Lasalle, said the introduction of these brands in the region would be received well.
"The news is great. It will allow brands like Ikea to enter in that market. The strength of such a retailer is much needed. The market in Doha is getting near to the point of being fully subscribed for retail, where everything that is required is out there. But having said that, there's still a need for major retail outlets such as these in the market," he said.
