Work begins on Doha Festival City phase 2
Doha, April 23, 2013
Qatar-based Bawabat Al-Shamal Real Estate Company (Basrec) began work on the second phase of The Doha Festival City, a mixed-use development north of downtown Doha, this week with a groundbreaking ceremony presided over by senior officials.
The Doha Festival City is owned and developed by Basrec, the parent company which is supplying the land for this iconic development. Basrec comprises four shareholders including Dubai-based Al-Futtaim Real Estate Services, Qatar Islamic Bank (QIB), Aqar Real Estate Development & Investmentand a private Qatari investor.
Following last month’s successful opening of IKEA–part of the development’s first phase - Doha Festival City officials have now set the first quarter of 2016 as the date for the launch of the development to include Qatar’s largest mall as well as a major entertainment component, hotel and conference centre, and stylish motor showrooms.
“We are setting a realistic time frame target that is in line with a delivery schedule designed to meet the expectations of tenants who have already committed their presence at Doha Festival City,” said Kareem M. Shamma, the chief executive officer, Basrec, the joint venture representing the development’s Qatari and Emirati shareholders.
The mall phase of the development officially broke ground today (April 23) at a 433,847 sq m site that is also home to the first IKEA store in Qatar, which opened for business last month.
It is strategically located just north of downtown Doha on the main arterial route of Al Shamal Road.
“Qatar is ready for something special that will revolutionise the country’s retail landscape and Doha Festival City’s exceptional and expansive portfolio of shopping, leisure, dining and entertainment options will deliver an unrivalled experience to residents and visitors alike,” remarked Greg Douglas, the development director, Doha Festival City.-TradeArabia News Service