Qatari developer Barwa Real Estate on Sunday launched a 35 billion riyals ($10 billion) development in Al-Khor, north of the capital Doha, in partnership with Kuwait’s Al-Imtiaz Investment Co.
Barwa said the 550-hectare project, called Urjuan, will house 63,000 residents when it is completed in 2013.
The development will consist of 24,500 housing units and a beachfront hotel and resort featuring private chalets, townhouses, terraced townhouses and apartments, it said.
It said the project will be overseen by Barwa Al-Khor, a joint venture between Barwa and Al-Imtiaz.
Barwa managing director Ghanem bin Saad Al-Saad maintained the project would be a success despite the global economic downturn.
“We are confident of the marketability of this iconic project and we are expecting the sales of units to gain momentum now that we have formally launched the development into the market,” Al-Saad said in a statement.
Shares in Barwa ended Sunday 7.91 percent higher at 38.40 riyals on the Doha bourse.
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