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Al Futtaim Group plans Doha expansion
Leading developer, Al Futtaim Group, is under discussion to develop a project in Doha. The Managing Director of the Company, Marwan Shehadeh, who spoke to Gulf News, revealed this plan, although he emphasized that the deal is yet to be done, and it may get finalized within next couple of months.
The Al Futtaim Mena Real Estate Development Fund will be investing about $500mn (Dh.1.83billion) on key projects, he revealed.
The company also plans to contribute an additional $200million into the fund. Al Futtaim is currently behind projects such as the Dubai Festival City, and the $9billion Cairo Festival City, due to be complete by 2011.
Several other developers have restricted themselves on new investments, and are focusing on completion and handover of their current portfolios, while few other developers and contractors are seeking to enter fresh markets such as Saudi Arabia, North Africa, Egypt and Libya.
According to Shehadeh, it is only because of Al Futtaim’s focus on retail that the company is still managing to invest and expand.
Posted on 18/9/2009
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