By Andy Sambidge
Qatari Diar set to start construction of luxury mixed-use development; slated for 2014 completion
Qatar has inked an agreement with Tajikistan to allow its real estate investment firm to start construction on a major mixed-use project in the country.
Qatari Diar Real Estate Investment Company's Diar Dushanbe development will be located in the Tajik capital city Dushanbe and will be the company’s first project in Central Asia, Qatar daily Gulf Times reported on Saturday.
It will provide a range of residential, commercial and entertainment opportunities.
In comments published by the paper, Qatari Diar Group CEO Mohamed bin Ali al-Hedfa said the agreement would help support the Tajiki economy and strengthen relations between our two countries, while also diversifying Qatari Diar’s global project portfolio.
Wholly owned by Qatari Diar, Diar Dushanbe will create an integrated community development that will stretch across 68,000sq m on the waterfront of the Gissar Canal overlooking the Kuli Javonon Lake. The project is expected to be completed by 2014.
The project will include five luxury residential buildings, a five-star hotel, and three commercial buildings with retail and office space, the paper added.
Al-Hedfa said: “We see great potential in this country, and Diar Dushanbe is only the beginning of our investment to revive the local market and support social and economic progress in Tajikistan.
“This project will not only become a point of attraction for further investment by other countries, it will also create an opportunity for long-term transfer of expertise to the local workforce as the development is built and operated according to the highest international standards.”
After independence from the Soviet Union, Tajikistan suffered from a devastating civil war which lasted from 1992 to 1997.
Since the end of the war, newly established political stability and foreign aid have allowed the country's economy to grow. Trade in commodities such as cotton, aluminium and uranium has contributed greatly to this steady improvement.
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