THE LAND’, a GCC based company that operates across the Middle East region, has announced its plan to build 7 residential towers on The Pearl-Qatar, the US $2.5 billion island being reclaimed offshore the Qatari capital of Doha. THE LAND is investing over 2 Billion Qatari Riyals for its first project in the country which will be one of the largest at Porto Arabia, the main marina of The Pearl-Qatar.
The decision to invest in Qatar coincides with a boom in the property market and the economy as a whole, which grew by more than 20% in 2004 to stand at $28.5 billion according to the Economy and Commerce Minister. Recent forecasts suggest that $120 billion worth of investments will be channeled into the country over the next 5 years for infrastructure improvement. Recently named the most competitive Arab economy by The World Economic Forum, Qatar is experiencing a period of unparalleled growth, reflected by investments in the oil and gas sector which amount to more than $60 billion across industries.
Speaking about the decision, Salam Said, Managing Director, THE LAND, commented: “This is a very significant day for us. We have the largest project at this unique development which represents Qatar’s first international real estate venture. Participating in The Pearl-Qatar project, which is part of a visionary programme of development in the Qatari capital, is an opportunity for us to bring to fruition our company line ‘Breaking New Grounds’.”
Surging economic growth, the per capita income stands at $40,000, and a significant increase in population, which has more than doubled in 18 years, has created an environment within Qatar that is ideal for investors. The Qatari GDP per capita ranks first in the world and is higher than the USA, for the first time in history, making it a key market for those looking to develop property in both the commercial and residential real estate markets.
© 2006 Al Bawaba (www.albawaba.com )