CITYSCAPE: Property firm announces investment and strategic regional expansion plans." />
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Monday, 08 September 2008 | 19:59 UAE time

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First Qatar unveils $400m of projects

by Lynne Roberts on Wednesday, 17 October 2007

First Qatar has announced more than $400 million worth of investment opportunities in the Gulf region.

Land has been allocated in Oman for a mixed use development with an initial cost of $10 million, the company said yesterday at Cityscape. It also unveiled plans for residential units in Kuwait on land acquired for $18 million.

Chairman and CEO Fahad K Al Ghunaim said in a statement “We are committed to develop quality living and leisure concepts with high business potential at First Qatar's carefully chosen properties across the region”.

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The firm said it had acquired 5000 square metres of land worth $10 million in the Al Khuwair district of Oman to develop commercial and residential facilities.

The Kuwait development would be built across a 2000 square metre beachfront area in Al Bilajat, it added, saying a Kuwait office had already been established, and that it would begin Oman operations early next year.

First Qatar has three mega projects at The Pearl-Qatar Island- the First Tower at Porto Arabia, which is valued at $110 million and will be delivered in September 2008; two towers at Viva Bahriya valued at $206 million, scheduled to be delivered in October 2009; and a project on Phase 3 at Abraj Quartier worth of $192 million, which will be delivered in June 2010.

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