Energy City Qatar unveils phase II, to develop US$ 1 billion residential component
Energy City Qatar, the US$ 2.6 billion regional energy business hub for global players in the hydrocarbon value chain, today announced the launch of the second phase of the project at an investment of US$ 1 billion. The development envisioned as an integrated technologically enriched residential community will complement Energy City Qatar’s pioneering business development project as the region’s first hydrocarbon industry business hub.
Announcing the launch of phase II of the project at a press conference during the Cityscape 2006 exhibition, senior officials of Energy City Qatar said the residential component will be located within the landmark Lusail development, adjacent to the previously announced Phase I of the project spread over approximately 500,000 square metres.
Commenting on the launch of Energy City Qatar’s residential component, Mr. Esam Janahi, Chairman, Energy City Qatar, said: “The State of Qatar today is a cynosure of all eyes as the successful opening of the Doha Asian Games has catapulted Qatar as the foremost destination in the region. This is just another aspect of the dynamic progress Qatar is making towards emerging as an investment hub and leveraging on its natural resources.”
“Energy City Qatar was conceived with the aim of providing global and regional energy sector companies with a technologically advanced integrated environment that would cater to all their needs was a concept that successfully tapped into the inherent growth potential of the country and the region.”
“Through the launch of Phase II of Energy City Qatar, we are addressing the broader aspects of the Energy City Qatar concept and complementing it with another core element focusing on the social aspects of the project which is to develop a unique residential environment designed to address the lifestyle needs, primarily of companies locating within the development,” Mr. Janahi added.
Designed to accommodate up to 15,000 people, the residential community will consist of over 5,000 units spread over approximately 500,000 square metres.
Elaborating on the Phase II of development, Mr. Bob Moore, Chief Executive Officer, Energy City Qatar, said: “The residential offering is a vital element in our project plan aimed at giving cutting-edge accommodation for staff of companies within the premises of Energy City Qatar. The residential component is guaranteed to be of high standard with well serviced and maintained facilities.”
“Further, the strategic location of the integrated Energy City Qatar project within Lusail development will give ready access for residents in a comprehensive high-tech environment to all the facilities of Qatari Diar’s prestigious development addressing fundamental issues including schooling, healthcare, entertainment and lifestyle needs. It will be in very close proximity to Phase 1 of the development which is in turn next to the future global headquarters of Qatar Petroleum.”
“The residential zone of Energy City Qatar will benefit from the advanced technological infrastructure currently under development for the business hub through global specialists including Cisco and Microsoft - Energy City Qatar will be the 21st Century Energy City,” he emphasized.
“The two developments will be directly linked by underground cabling,” added Mr. Hesham Al Emadi, Member of Energy City Qatar Senior Management, “This is significant for residents in that it will enable technologically advanced lifestyle and convenience features to be built in and accessible at both work and home. This IT capability is fundamental to Energy City Qatar’s provision of business and residential support to tenants, making moving in and staying as easy and pleasant as possible.”
In line with the Energy City Qatar business district, each plot will be governed by design and construction guidelines to ensure the final development matches the requirements, standards and ambience laid out in the project master plan. The properties will offer a mixture of apartment and condominium style accommodation.
“We have already received enquiries from the investor developer community regarding what residential offering Energy City Qatar might have,” concluded Mr. Moore. “Finding suitable, high-quality and affordable accommodation for staff is one of the major obstacles for international companies moving into an economy developing as rapidly and successfully as that of Qatar and so we are confident of a high level of interest.”
The launch of the second phase of Energy City Qatar closely follows the launch of Energy City India near Mumbai, with an estimated development value of US$ 2 billion. A Memorandum of Understanding (MOU) was signed with the Government of the western Indian State of Maharashtra, to facilitate the creation of this ambitious project.
Energy City India was conceived and based on the Energy City Qatar business model and concept following the success and positive feedback received from investors. More than US$ 500 million has been raised from clients to finance the first phase of Energy City Qatar.
Both energy districts are part of a larger plan by Gulf Energy in its intention of creating a Pan-Asian network of energy-focused business districts or centres.
- $1b residential community to be developed by Energy City Qatar
- Gulf Finance House, Kuwait Finance and Investment Company unveils Royal Village component of US$1 billion Royal Metropolis project
- IRIS unveils AED 2.5 billion residential development in Maritime City
- Energy City-Qatar Private Placement: Abu Dhabi Investment House to Offer US$100 million in UAE