Under the patronage of President Bashar al-Assad, the Qatari state-owned al-Diar Real Estate Investment Company launched Wednesday its first tourist project in Syria, titled "Ibn Hanee Bay" in Lattakia. The five-star tourist resort to be built on an area of 240,000 sqm will cost some US$320 million.
The project will include hotels, beach cabins, restaurants, cafeterias and shopping malls. The project will be completed within five years. Qatari Diar Syria chairman Nasser al-Ansari said that the "Ibn Hanee Bay"resort was the first project for Qatari Diar in Syria. "The exclusive resort is destined to become a major tourist destination in Syria. Because of its fine weather, Syria is a favourite travel destination for GCC families."
Speaking at a press conference held at the Four Seasons Hotel in Damascus, Diar's CEO, Ghanim bin Saad al-Saad, said Qatar eyes diversified investments in Syria to the tune of US$12 billion during the next five years. According to him, Diar planned to launch a second real estate project in Damascus downtown at a cost up to US$3-4 billion. "Syria is one of the countries where we prefer to invest. We have studied the Syrian market and found out that the tourist sector is one of the most active and promising sectors here,"he said, according to Gulf Times.