Dubai: Al Futtaim, Qatar Islamic Bank and Aqar Real Estate Investment signed a Dh6 billion (QAR 6 billion) joint venture agreement to construct a state-of-the-art entertainment and retail complex in Doha, Al Futtaim Group said in a statement on Sunday.
The country’s largest multipurpose complex is located on the northern highway linking Doha International Airport with the proposed Bahrain Causeway and will include a full retail centre, an entertainment park and two hotels.
Construction for the 433,000 sqm project—first of its kind in the country - will begin in early 2011. The first retail phase is slated for completion in the first quarter of 2012 and the remaining two phases will be completed by 2015. IKEA, ACE Toys 'R' Us, Marks & Spencer, Intersport – all part of the Al-Futtaim group - have already confirmed as the project’s premier anchor tenants.
Al Futtaim is one of the biggest family-owned enterprises in the region and owners of the globally acknowledged Festival City brands in the UAE and Egypt which have become the mainstay for leisure, shopping and entertainment in the two countries. The group already has presence in Doha through its automotive, retail, technology and engineering businesses.
The project is owned and developed by Bawabat Al-Shamal, the parent company which is supplying the land to construct this iconic development. Bawabat Al Shamal comprises four primary shareholders including Al Futtaim Real Estate Services, Qatar Islamic Bank (QIB), Aqar Real Estate Investment Company and a private company.
This project is a result of the partners’ recognition that Qatar has a rapidly expanding population, strong diversified financial standing and that its local citizens possess a high level of disposable income.
Al Futtaim Group Real Estate, the real estate development arm of the Group has built the Dubai Festival City and Cairo Festival City, both of which has attracted some of the biggest global retail and leisure brands to these mixed use developments.
Robert Willett, Group Chief Executive Officer, Al Futtaim, said this project will transform the leisure, retail and entertainment industry in Doha while providing visitors a very attractive destination.
