Qatar Real Estate News
Bahrain, Kuwait joint-venture Company to develop new residential project in Qatar
The Bahrain-based Arcapita Bank and the Al Imtiaz Investment of Kuwait have announced that they would form a joint-venture to develop a residential project in Qatar, despite the global credit crunch.
The new venture aims to develop 3200 residential units around a Greg Norman Championship Gold Course, and this comes at a time when the property boom in the Gulf is coming to a close, and there is a slowdown on the oil-fueled economic growth.
According to Atif Abdulmalik, the Chief Executive Officer of Arcapita, even during the global economic uncertainty, Qatar’s economy is outstanding with strong fundamentals and high growth prospects.
The new development, Al Sidra, located within the Lusail project in Qatar, is owned by Qatar-Diar. The project would spread across a land area of 3.6million square meters, out of which, the Golf Course would occupy 1.5million Square Meters.
The Masterplan of the development would be unveiled during the second quarter of 2009, revealed a company statement.
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