Fast paced regional economic expansion coupled with a significant growth in population, has created an environment within the GCC that is ideal for investors looking to develop property in both the commercial and residential real estate markets. Governments in the region are proving pivotal, with the regular announcement of large scale land reclamation and on-shore developments, of which The Pearl-Qatar, a US $2.5 billion island being reclaimed offshore the Qatari capital of Doha, is a prime example.
Qatar, recently named the most competitive Arab economy by The World Economic Forum, is experiencing a period of unparalled growth. According to the Economy and Commerce Minister, the Qatari economy grew by more than 20% in 2004 to stand at $28.5 billion and the authorities are foreseeing investments of up to $120 billion in the next eight years. Per capita income stands at $40,000 and the Qatari GDP per capita ranks among the top 10 in the world and is definitely the highest in the region.
Sabban Property Investments (SPI), a Gulf-based, family-owned real estate property development company is one of the first who will develop properties at Porto Arabia, the main marina of The Pearl-Qatar. SPI has an impressive heritage, being an integral part of one of Saudi Arabia’s leading family businesses – Sabban Group of Companies, founded more than 50 years ago.
Commenting on the launch of his new company, Chairman Issam Alsabban, says: “SPI’s commitment to its partners, investors, society, the environment and the world at large is reflected in its new slogan ‘We Build Bonds’. With a mission to enrich people’s lives by turning land into thoughtfully designed communities, SPI aims to claim its share of the promising future of the Gulf region and to contribute to it in a meaningful manner.”
Participating in The Pearl-Qatar project, which is an asset for the whole region, is a dream for any property developer and a sound base for capital growth. With an authorized capital of AED100,000,000, Sabban Property Investments is rapidly progressing to become a leading player in the real estate development industry.