Qatar Real Estate News
Ezdan to build Asia Towers in Qatar
Ezdan Real Estate Company, biggest property developer in Qatar by market value, has joined hands with Qatar General Insurance and Reinsurance Company and Al Sarri Trading Company for carrying out the Asia Towers project, worth about QR2.5bn.
Ezdan will own 32.5percent of the project, while 33.75 percent each will be owned by Qatar General Insurance and Reinsurance Company and Al Sarri Trading Company.
Asia Towers is one of the largest real estate projects in Qatar this year, which will be completed in three years. The development comprises four residential towers spread across 30,000 square meter plot of land situated in Doha’s West Bay area. Each of the four towers will be 55 stories in height, and includes 1600 residential units, with a built-up area of 560,000 square meters. The project also includes commercial and entertainment facilities and hotel apartments.
The Chairman of Ezdan Real Estate, Sheikh Thani bin Abdullah Al Thani, together with Chairman of Qatar General Insurance and Reinsurance Company, Sheikh Nasser bin Ali bin Saud Al Thani, also the chairman of the board of Al Sarri Trading Company, signed the agreement in Qatar.
Speaking during a news conference, Sheikh Thani Al Thani said the project will contribute to overall economic growth in the country and will help in strengthening Qatar real estate sector, on the whole.
The project serves as a launch pad for other future projects to be developed by Ezdan, which has vast experience in real estate sector, including Ezdan hotel towers, designed to host major events and conferences in the country, he said.
The number of residential units owned by Ezdan, is almost equivalent to the residential units available in hotels in Doha. Qatar’s real estate sector has always maintained a reasonable growth rate and has managed to tackle the challenges posed by the global financial crisis, he pointed out.
Sheikh Thani bin Abdullah said that the financing for the project will be done through loans from local and regional banks, and added that the venture is seeking funding sources and discussions for the same is being held with local banks, which has yielded positive results, and will be finalized soon.
Sheikh Nasser bin Ali said that the agreement marks the beginning of a strategic alliance with Ezdan and highlights the excellent prospects offered for the growth of country’s real estate sector and sustainability.
Posted on 23/1/2010
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