Qatar: Housing projects in industrial zones
The general manager of the Qatari Company for Real Estate Investments (Al-Aqariya), Mohammad bin of Musnad al-Musnad, announced that the company would start this year to accomplish two projects: the fourth housing project in Dukhan region with investments of QR 310 million ($85.1 million) and the housing project in Mesaieed with investments of QR 740 million ($203.3 million), reported the Qatari newspaper, Al-Raya on Monday. These projects are expected to be completed in 2007.
Al-Musnad added that the company follows the Islamic law in all of its deals and transaction. He mentioned that since its establishment in 1995 the company has taken part in investing and developing housing projects in the new industrial zones for the Qatari Oil company and its subsidiaries, and now it turns to real estate investments of all kinds in Doha.
The company's current and future investments are estimated at QR 3 billion ($824.5 million), with an annual return of approximately QR 500 million ($137.4 million), according to Al-Musnad.
The company has purchased a land plot in the center of Doha, at al-Sad region, where it intends to construct a dwelling project with investments of QR 600 million ($164.9 million). This project is expected to yield a QR 120 million ($32.9 million) annual return. The project will include 303 apartments and 15,000 square meters of office and commercial space. The completion of the studies and launch of the design works are expected during the last quarter of the current year, concluded al-Musnad.