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First Qatar to invest $400m in the region

DUBAI — First Qatar Real Estate Development Company, a leading real estate company in the Middle East, yesterday announced over $400 million worth of projects and company's strategic expansion into Kuwait and Oman. The announcements were made at Cityscape Dubai, the 6th international property investment and development event.

"We are committed to developing quality living and leisure concepts with high business potential at First Qatar's carefully chosen properties across the region." Fahad K. Al Ghunaim, Chairman and CEO of First Qatar asserted. "Keen interest for First Qatar projects at Cityscape Dubai epitomises the recognition of our broader vision for a distinct lifestyle and creation of elite business and residential environments", Al Ghunaim stated.

Consolidating its presence in the region, First Qatar has also announced the acquisition of two strategic areas — a piece of land spanning over 5000 square-meters worth of $10 million in Al Khuwair district in Oman to develop commercial and residential facilities, and a 2000 square-metre beach-front area worth of $18 million in Al Bilajat area in Kuwait to develop a stylish and distinctive residential units.

The company has already set up an office in Kuwait and, early next year, will start operations in Oman to work on its projects in these two countries, which is a part of First Qatar's regional expansion strategy.

In addition, the company is on its way to establish a network of its agencies across the world with a focus on Europe.