By Gavin Davids
Doha Festival City is joint venture with QIB, aims to tap into Qatar’s lucrative retail market
UAE conglomerate Al Futtaim Group, the developer behind
Qatar’s largest retail and leisure complex, said construction work on the QR6bn
($1.6bn) Doha Festival City will begin in April.
The first phase
of the mall, which will span 2.5m sq m of retail space, is scheduled for
completion at the end of 2012 and aims to tap into Doha’s affluent population.
“Doha has a
strong diversified financial standing and a rapidly expanding population with a
high level of disposable income. This makes it a perfect platform for… Doha
Festival City,” said Omar Al Futtaim, vice chairman of Al Futtaim Group.
The mall is a joint venture between Al Futtaim, Qatar
Islamic Bank and the Doha-based Aqar Real Estate Investment. Its second phase
is scheduled for completion in 2014.
will contain fully serviced shopping centre, an indoor-outdoor entertainment
park, automotive zone and two international hotels.
2010, Al Futtaim said that it hoped to fund the project through a club loan
deal from banks for as much as QR4bn ($1.10bn).
According to property analysts, Qatar currently has as much
as 370,000m sq of unoccupied gross leasable area (GLA), potentially making
retail one of its most lucrative markets.