Qatar plans Djibouti mixed-use project

AFRICAN EXPANSION: Qatari Diar plans to build a mixed-used project in Djibouti to tap growth potential in East Africa. (Getty Images)

Qatari Diar Real Investment Co., the property arm of the Qatar Investment Authority (QIA), plans to develop a mixed-used project in Djibouti to tap growth potential in East Africa, a company executive said on Monday.

Qatari Diar, with a property portfolio of $40 billion, will launch a 300,000-square metre project to tap growth opportunities in East Africa, Virgilio Reffo, senior development manager, told reporters on the sidelines of a conference in Doha.

He declined to give more details.

Diar planned to develop a $2 billion project in Hong Kong and bought a French industrial firm for 1.5 billion euros ($2.37 billion), Chief Executive Ghanim bin Saad Al-Saad told newswire Reuters last month.

Along with partner CPC Group, it bought London's Chelsea Barracks from Britain's Ministry of Defence for 959 million pounds ($1.87 billion) in January.

Awash with windfall gains from a more than six-fold increase in oil revenues in the past six years, Gulf Arab real estate firms look beyond their home markets for investment targets.

Qatar is the world's largest exporter of liquefied natural gas, and its economy expanded 12.5 percent at current prices last year.

Qatari Diar, which operates in 35 countries, expects 25 percent annual growth in its business, according to Al-Ghanim. (Reuters)

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