Manama: Qatar plans to construct the tallest tower in the world, local media reported.
"We have plans in the pipeline to build the tallest tower in Doha, however, it is subject to obtaining land from the concerned authorities,” Shaikh Thani Bin Abdullah Al Thani, chairman of Ezdan Real Estate Company, one of the largest real estate development companies in the region, said.
He however, did not give more details on the proposed tower project, Qatar Tribune daily reported on Wednesday.
Burj Khalifa in Dubai, standing 828 metres high, currently holds the official title of 'Tallest Building in the World', which it gained at its opening in 2010.
Ezdan has over 7,000 residential units, which would go up to 18,000 once its projects are completed, Shaikh Thani said.
The company has bought millions of metres of land and built partnerships with the landowners. However, not all permits for construction have been issued and the company is trying to get the process completed, he said.
According to the chairman, the new projects will add to the company’s properties tens of thousands of apartments and villas, dedicated to middle income people, which is the largest segment of the society.
"Today, Ezdan is one of the top companies in terms of market value in the GGC, and has emerged strongly in the business world and the investment sector, both locally and globally,” he said. "Last year, the company signed an agreement with FIFA and Qatar Bid Committee 2022 to build 50 t h o u s a n d housing units of the total units set to host Qatar’s guests during this global event."
Ezdan reported a net profit of QR121.3 million for the year 2010.
The company’s rental revenue last year amounted to QR443.3 million, while operating profits reached to QR297.6 million, the daily said.
The company’s total assets have gone up from QR30 billion at the end of 2009 to QR 31.9 billion at the end of 2010, while rental revenues in 2010 amounted to almost QR443.3 million.
Ezdan completed the largest merger deal in the Qatari market by acquiring the ownership of the International Group for Housing, raising the capital to QR26.5 billion after the merger.