Development company, The Land, is set to appoint a contractor on its US $500 million (AED2 billion) multiple-tower development on the Pearl-Qatar.
The company is developing a total of seven towers in the Porto Arabia district of the offshore development. Piling works on the seven-tower development — the company’s first in Qatar and the largest at the $2.5 billion island project — have already begun.
The Land was set up by a group of shareholders involved in real estate last year, and has since worked on projects in Jordan, Bahrain, Saudi Arabia and the UAE. Its projects include Al-Sharq City and the Al Abdali business centre in Jordan.
Managing director Salam Said, said: “We have the largest project at this unique development, which represents Qatar’s first international real estate venture.
“Participating in this project, which is part of a visionary programme of development in the Qatari capital, is an opportunity for us to bring to fruition our company line ‘Breaking New Grounds’.”
The Land is one of several developers building towers in the Porto Arabia district. More than 30 towers are planned for this part of the development. ACC recently has just started work on a $170 million deal from United Development Company to build 26-storey residential towers, townhouses and retail units on two parcels of land in the Porto Arabia district. Dubai-based developer Sabban is also building three towers in the district.
The move to invest in Qatar comes shortly after it was named the most competitive Arab country by the World Economic Forum in Davos, Switzerland.
An estimated $120 million worth of investment is expected to be ploughed into improving the country’s infrastructure over the next five years.
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