By Lynne Roberts
CITYSCAPE: Property firm announces investment and strategic regional expansion plans.
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”.
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.