$274mn will be developed by Alfardan Properties.
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The Qatar based Al Khaliji Commercial Bank has inked a deal to finance the construction of the Kempinski Marsa Malaz Hotel Resort, it was announced on Thursday.
The project will cost $274 million to build and will be developed by Alfardan Properties, one of the companies under the Alfardan umbrella group. It is known for luxury turnkey residential and commercial properties, in addition to five-star hospitality projects such as Kempinski Residences and Suites.
“As the country looks to the future, and continues with its economic growth, companies such as Al Fardan Group Holding will be at the forefront of Qatar’s development. We are therefore privileged to be associated with one of the most ambitious hospitality projects in Qatar – the Kempinski Marza Malaz Hotel Resort,” said Robin McCall, al Khaliji’s Group CEO.
Omar Hussain Alfardan, President and CEO of Alfardan Properties and Alfardan Group, added: “The Kempinski project clearly reflects our vision to provide iconic luxury developments focused on superlative hospitality service to Qatar and the region.”
“This uniquely themed hotel resort which we foresee to become a popular destination for international guests visiting Qatar, will truly display the luxury, authenticity and excellence Alfardan Properties is known for.”