By John Irish
State-owned Qatari Diar Real Estate to build Ibn Hani Bay resort near Lattakia on Mediterranean coast.
The property arm of the Qatar Investment Authority (QIA) plans to develop two real estate projects in Syria including a $250 million mixed-use development in Lattakia, the Gulf Times reported on Tuesday.
Qatari Diar Real Estate Company, which last month completed the purchase of London's Chelsea Barracks for 959 million pounds ($1.87 billion), is one of the vehicles used by the government of Qatar to invest windfall revenues from energy exports.
The $250 million Ibn Hani Bay resort near Lattakia will extend more than 244,000 square metres on the Mediterranean coast, the paper reported, quoting Chief Executive Nasser Al-Ansari as saying.
Diar has also agreed to build a 550,000-square metre commercial and residential district in the capital Damascus, the paper said without giving a value for the project.
Syria has come into favour with Arab Gulf ruling families looking for new ways to invest abundant petrodollars.
The authority, a sovereign wealth fund worth an estimated $60 billion, is diversifying away from the weakening US dollar which Qatar's customers pay for its oil and gas exports. (Reuters)