Arcapita in deal to develop $3.5bn Qatar golf project
Doha, November 23, 2008
Arcapita Bank, a global investment house headquartered in Bahrain, and Al-Imtiaz Investment Companny, a Kuwait-based investment company, have joined hands to develop Al Sidra, a $3.5 billion golf residential project in Doha, Qatar.
The joint venture will develop the world class golf residential community of up to 3,200 residential units within the Lusail project centered around a Greg Norman Championship golf course and a Chris Evert Tennis Academy.
The project will also have a range of other facilities and utilities consistent with the high standards laid down by Qatari Diar Real Estate Investment Company, the owner and master developer of Lusail Qatar, and its subsidiary Lusail Real Estate Development Company, which is managing the project.
The residential units of Al Sidra will include a range of high-end villas, townhouses and low rise apartments and will be spread in communities within the project each centered around greenery and children play areas.
The development will also include an international school managed by International School Systems, one of the leading North American education service providers.
Atif Abdulmalik, chief executive officer of Arcapita, said in times of global economic uncertainty, the Qatar economy stands out with solid fundamentals and high growth prospects.
'With some of the world’s most abundant reserves of gas, Qatar's economy is expected to develop quickly in the coming years, and the continued expansion of its production and export capacities, driving the demand for real estate, which is currently undersupplied,' he noted.
'Arcapita has a track record of successful golf residential developments in Dubai and in Bahrain, and we believe that the market fundamentals in Qatar for this development within Lusail Qatar, which is considered one of the best integrated projects in the region, and which includes residential units with concepts that are in demand in Qatar, are very sound, and that it represents an outstanding GCC investment opportunity.'
'We are excited at the opportunities it offers. We would like to commend the role of the management team at Qatari Diar in positioning Lusail Qatar as the new development benchmark for Qatar and beyond, and their efforts to attract the best design concepts and developers to Lusail,' he added.
Alongside Greg Norman and Chris Evert, the parties have assembled a world class team of developers, architects, engineers, project planners, environmental consultants and other advisers to ensure high standards of design and build throughout Al Sidra project.
Ali Al Zubaid, managing director and chief executive officer of Al-Imtiaz, said 'With its achievements to date, Qatar has already made major steps in establishing itself as an important energy and higher education and sports destination for the region and this joint venture is consistent with this aim, with its fully-equipped golf, sports facilities and tennis academies, and outdoor recreational environment.'
'The quality of the investment opportunity to be developed through this joint venture is entirely consistent with the high quality of Al-Imtiaz’s suite of investment products,' he stated.
According to him, the project will be developed on a land area of 3.6 million sq m of which the golf course will occupy around 1.5 million sq m.
“This is one of the largest zones within Lusail Qatar, and we are very pleased to have attracted investors with the pedigree and track record of Arcapita and Al-Imtiaz” said Ghanim Al Saad, CEO of Qatari Diar.
“In this volatile economic environment, the announcement of investments such as this in Qatar are noteworthy, and in this case, represent wholehearted endorsement of one of the GCC’s most high profile real estate developments,” he said.
Mohammed Al Hedfa, CEO of Lusail Real Estate Developme
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