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- Dubai 04:27 05:45 12:20 15:47 18:49 20:07
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A $137 million company, Al Mazaya – Qatar, has been set up to seek opportunities in Qatar’s property sector as the country diversifies its economy away from oil and gas. The government is planning to invest $130 billion in infrastructure projects in the next five years. Qatar, the Gulf Cooperation Council’s fastest growing country with an annual rate of 9.9 per cent, is the world’s largest exporter of liquefied natural gas. It is using its surplus revenues to improve its tourism and service sectors. Now Al Mazaya Holding – a Kuwaiti property developer listed on its home exchange and the Dubai Financial Market – has established a subsidiary to share in the boom.
Al Mazaya-Qatar has been formed with a view to developing mid-range projects and is planning a number of mega-developments tailored to the needs of the market. “Qatar is witnessing a wave of international investor inflow captured through the set up of substantial investment into the tourist infrastructure or funding companies and banks,” said Salwa Malhas, Senior Vice-President of Business Development at Al Mazaya Holding. “The market, however, is short of mega-projects that cater to the needs of medium- and low-income groups - both nationals and residents. “Despite the growth of Qatar’s property sector – seen through multi-billion dollar projects such as Lusail and the Pearl-Qatar, which target high-income groups – there is a big demand for more diverse property investment. “There is an urgent need for projects that vary from residential to commercial and tourism developments. “For this purpose Al Mazaya has established a real estate company in alliance with other investors. This move was supported by feasibility studies that demonstrated the significance and importance of real estate investment in Qatar.” Ownership of Mazaya-Qatar is split between Qatari investors, with 51 per cent, and GCC investors, 49 per cent share. Al Mazaya Holding has 10 per cent. “The board of directors will meet soon to draw up the strategic groundwork for the company,” added Malhas. Statistics
9.5% Qatar’s annual rate of growth. It is also the fastest-growing member country of the Gulf Cooperative Council. $130bn The government of Qatar is expected to invest in infrastructure projects in the next five years. |
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