ADIH, MAF in Qatar Entertainment City deal
Abu Dhabi, April 1, 2008
An umbrella partnership has been formed to start implementing a key precinct of Abu Dhabi Investment House's (ADIH) Qatar Entertainment City with the total cost of approximately $1.5 billion.
The partnership between ADIH and Majid Al Futtaim Group (MAF), announced on Monday in Doha, consists of two agreements to build over 50 per cent of Qatar Entertainment City, a mixed-use development, being implemented in Lusail, Qatar.
The water-front development comprises three components: residential, retail and entertainment which are divided into five districts.
These include downtown (urban environment), boardwalk (waterfront), the North Shore (apartments and hotels with waterfront view), the South Shore (hotels, villas and retail with a waterfront view), and The Villas (exclusive residential villas).
The partnership adopts a phased approach, with the agreement being implemented over two phases in separate precincts.
The two phases of the downtown area comprise developing and operating the retail and entertainment elements as well as developing and selling residential and retail components in the areas to the north and south of the development's main canal.
The downtown plots are being built in the two precincts form the town centre of both Qatar Entertainment City and Lusail. Once developed, this area will become the destination hub for entertainment, retail and hospitality in Qatar and the region.
The downtown area will be linked to the coast via water taxis, and will house cinemas, performance auditoriums and public family entertainment attractions and spaces.
Precinct A, which will be developed under the first phase agreement, covers a land size of 140,000sq/m and boasts over one million square feet of prime retail space in the form of a massive regional shopping mall.-TradeArabia News Service
More Construction & Real Estate Stories
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan