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