FINANCIAL NEWS

Al-Futtaim, partners plan $1.63b development in Qatar

06 Sep 2010

(MENAFN) A statement made by the Chief Executive Officer of Al-Futtaim Group Robert Willett said that the Middle East’s biggest amusement and retail complex will be established to in the Qatari capital, Doha, at a cost of $1.63 billion, Gulf News reported.

Al-Futtaim, Qatar Islamic Bank and Aqar Real Estate Investment are the prime shareholders in the project. The project, which is scheduled to begin next year, is going to be placed on the northern highway, connecting Doha International Airport with the future Bahrain Causeway.

The project’s first stage is to be completed in the first three months of 2012, while the additional stages are to be completed by 2015.

The 433.000 square meter project includes a retail center, amusement park and two hotels. The project is going to be more retail-focused; it is going to contain favorite mid-range brands like Ikea, Ace hardware, Toys ‘R’ Us, Marks and Spencer and Intersport.

The project will mainly be a super local mall in addition to a hotel and an office building.

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