Sheikh Nasser bin Abdulrahman Al Thani (third right), Managing Director of Qetaifan Projects and Ziad El Chaar (fourth left), Vice Chairman of Dar Al Arkan Properties, and other officials during the MoU signing ceremony, on the sidelines of Cityscape Qata
Doha: Qetaifan Projects, a leading Qatari real estate development company owned by Katara Hospitality, and Dar Al Arkan Real Estate Development, a leading developer in Saudi Arabia, yesterday signed a QR700m worth of agreement to develop premium sea-front projects on Qetaifan Island North.
The MoU includes the development of a QR300m project, which consists of five South Marina Promenade plots overlooking the Qetaifan Island South and the South Marina Promenade, and another project worth QR400m.
The agreement which marks Dar Al Arkan’s first entry into Qatar as well as one of the first new partnerships between companies from Qatar and Saudi Arabia after the lifting of the blockade, aims to drive the development of the luxury property market and support the growth of Qatar’s real estate sector.
Sheikh Nasser bin Abdulrahman Al Thani, Managing Director of Qetaifan Projects and Ziad El Chaar, Vice Chairman of Dar Al Arkan Properties signed the MoU on the sidelines of the ongoing Cityscape Qatar 2021.
Through the partnership, Dar Al Arkan will develop a luxury project on Qetaifan Island North comprising of premium residential units with glorious direct, front line sea views that capture the timeless appeal of seafront living coupled with modern amenities. The project will also offer residents access to specialised retail outlets on the ground floor. Work on the development will start in Q2 2022 and total sales are expected to reach over QR1bn.
Addressing a press conference, Sheikh Nasser said the design and planning phase for the project has already started.
He said: “We’re expecting a three to four year development period, and expect the project to be completed by 2026. We are delighted to work with Dar Al Arkan on this unique premium project. Qetaifan Island North is being developed to become an attractive and sought-after destination with its many residential, entertainment, retail and recreational offerings that will put Qatar on the regional and global tourism map.
“We are happy to conclude this agreement, which shows Qetaifan Projects’ efforts to provide an attractive investment environment for foreign investments and provide the local market with international standards and options that work on developing and revitalising sectors such as tourism, hospitality, entertainment and of course real estate development, working hand in hand to achieve Qatar Vision 2030,” he added.
Speaking about the new partnership with a Saudi-based company, Sheikh Nasser reiterated that Dar Al Arkan’s leading position in the Saudi Arabian market will also help attract more investors into Qatar.
“We are today talking as developers, and tomorrow we’ll have individual units and plots that are going to be sold whether to the Saudi Arabia or the UAE, or to any of the other GCC countries, and the whole world. We are welcoming and inviting all investors to come. And we are privileged to have the rights for permanent residencies and freehold ownership for international investors into the project,” Sheikh Nasser added.
Also speaking during the event, El Chaar reiterated Qatar’s promising real estate market, particularly for the country’s good pricing rental return, residency, connectivity, and safety and security.
He said: “We are excited to become part of Doha’s thriving real-estate market. As the nation gets ready to host the World Cup next year, we believe this global event will have positive implications for the market and position Qatar as a desirable market that is equally attractive to both local residents and international investors.
“Our project on Qetaifan Island North is unique and builds on the Dar Al Arkan’s strategic aspirations of elevating the offerings as well as quality of the real estate sector in the region. Also, many times in the real estate we forget about connectivity. Nobody invests in a company which is inaccessible. And today by having one of the busiest airports and one of the best airlines in the world, this presents a very big opportunity for international investors to invest in Qatar,” El Chaar added.
Qetaifan Island North, which is expected to complete its Phase 1 projects in Q3 2022, is emerging as a thriving waterfront hub representing a new, modern lifestyle. Inspired by the rich culture and nature of the region, the distinct island will feature a thrilling waterpark, an array of luxurious hotels, unrivalled accommodation, exceptional retail options, and world-class facilities that make it a vibrant and attractive community. The island is also a symbol of the vision, insight, and aspiration to develop into an internationally acclaimed and recognised landmark location and Qatar’s future iconic destination.
