Damac awards Dh603m in three Qatar contracts

Dubai: Damac Properties, the Middle East's largest independent real estate developer, has announced that it has awarded three main construction contracts in Qatar worth Dh602.69 million.

The contracts were awarded to Draieh Contracting LLC for the construction of three mixed-use residential and commercial projects in Qatar's iconic Lusail City — Business Square, the Piazza 1 and Piazza 2.

"Since Qatar's successful World Cup bid, there has been a spike in enquiries about property in the capital, Doha. Momentum is building in Qatar's property sector, and Damac Properties is confident that with the appointment of Draieh Contracting we will see construction rapidly accelerating at our three development sites," said Niall Mc Loughlin, Senior Vice President of Damac Properties.

Lusail is Qatar's newest planned city and is located about 15 kilometres north of Doha's city centre. Damac Properties has three luxury projects in the master development. Business Square is a 20-storey mixed-use residential and commercial tower, while the Piazza 1 and Piazza 2 are low-rise residential and office developments with an Italian flair.

Global real estate services firm Jones Lang LaSalle is forecasting a property boom in Qatar. It is predicting up to $14 billion of growth over the next 10 years.