Kuwaiti firms eye Qatar real estate market
Kuwaiti real estate companies are ready to invest huge sums in the Qatari market through the next years. Among these firms are Top Group For Real Estate Marketing, Mas International Company and Al-Wafa Al-Arabia Real Estate Company, reported the Qatari newspaper, Al-Watan on September 13, 2005.
The executive manager of Al-Wafa Al-Arabia Real Estate Company, Tareq al-Maatuq, said that as part of its efforts to enter the Qatari market his company had participated at the first Qatar International Real Estate & Investment Show 2005, which ended on September 10th. During this event, Al-Wafa introduced projects worth of approximately $17 billion, in Dubai, Sharjah, Ajman, Mecca, Qatar, Oman, Lebanon, Britain, Spain and Egypt.
The company marketed in that exhibition projects by value of $350 million in Qatar alone. Al-Wafa Al-Arabia aims at attracting investors to Meridian towers project in Mecca. The costs of this project totaled approximately SR1 billion. The towers will be ready for delivery after the next pilgrim season. Each tower is composed of 20 floors, and investment in them will be accomplished through beneficial bills for certain periods.
The company also markets Al-Areifi Tower in Dubai marine. The apartments in this project are sold in Dubai for a starting price of $58,000 per apartment. Some 60% of this project was sold before its accomplishment, which is expected to be complete within 18 months from today.
As for the company's projects in Qatar, they include Al-Mahna Tower, which is currently built in Doha's most elegant region and is expected to be completed in 2008. This smart tower will be the first of its kind in the region. It will include 55 floors and will cost QR300 million ($82.6 million). Some 50% of the project has already sold.
Al-Wafa al-Arabia announced also during Qatar International Real Estate and Investment Show that it will construct a 120 floors tower in the center of Doha. The tower will be purchased by a Gulf stock company, while part of it will be used as an hotel and the other part as offices.
Dar Investments and Development Company, which was one of the sponsors of the real estate show in Qatar, revealed details regarding "The Palm" project, whose works are scheduled to start within the next two months in GCC Street in Doha. The project includes two towers for offices in the shape of a palm, each of them composed of 57 floors with 244 meters height. The project's costs are put at QR800 million ($220.3 million).
The company has another project in Qatar, called Lagoon Plaza, which includes two towers of 748 apartments, all of them are for purchase. The project's costs reached QR1.2 million ($330 million).