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Al Mourouj: A market leader

Are there going to be any delays in delivery of al mourouj's projects due to the slowdown in the property market in general?

As we believe in the Qatari Economy and we trust that the real estate in Qatar will remain attractive to investors who seek long-term investments in spite of the global crisis, and that is for several factors, one of which is the government's vision for the development of the Qatari economy.
All those factors motivated us in Al Mourouj to launch one of our biggest projects to date, the Al Mourouj Village. We launched the project - for which the budget is around $151m - to be the perfect destination for privacy and luxury seekers. The project consists of 119 duplex Villas with a garage and a separate garden for each villa. In addition, the project is located in Ain Khaled, a few minutes away from one of the country's largest commercial centres.

Since you are local developers, do you think you are going to benefit from the decreasing costs, especially that you operate in Qatar, which is said to be less affected among the gulf countries?

There are many promising opportunities for Al Mourouj and all companies, whether local or foreign, especially the companies possessing sufficient cash to take the available opportunities at such low prices. I believe that the chance for experts and long-term investors, now with the new prices and with the exit of many small investors from the market is better than ever.

Do you have expansion plans outside Qatar?

I think Al Mourouj has a lot of great opportunities in the real estate development in the local market especially that competition forces us to focus on the local market in the coming period. However, this does not mean that we seek external expansion, especially in the GCC markets, as it remains to be an attractive region for investment and as there is flexibility in the capital movement.

What do you think are the factors that make qatar strong despite the financial crisis?

The optimistic outlook related to the Qatari economy in the face of the global crisis is that it is based on the energy sector which is considered to be the main driver of the economy and the mega projects to be achieved during the next three years in the petrochemical and other sectors.

Gas industry will compensate for the decrease in oil prices and ensure the completion of the development projects. In addition, the Qatari government is constantly striving to improve the investment climate by building an appropriate infrastructure, creating industrial zones, and developing laws that encourage investment.

Foreign investors are now able to acquire 100 percent of the capital in many economic sectors, as long as their investments are consistent with Qatar's development requirements. Thus, development in the Emirate of Qatar is certainly a sustainable process and will not be influenced by the financial crisis.

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