Doha Festival City construction to begin this month
Construction on phase one of Qatar’s multi-billion riyal Doha Festival City complex will begin this month, according to a joint statement by Al-Futtaim Group and the Qatar Islamic Bank (QIB). The 433,847square meter retail and hospitality development is designed by DP Architects, with Arab Engineering Bureau (AEB) appointed as Project Architects. MACE International are Project […]
Construction on phase one of Qatar’s multi-billion riyal Doha Festival City complex will begin this month, according to a joint statement by Al-Futtaim Group and the Qatar Islamic Bank (QIB).
The 433,847square meter retail and hospitality development is designed by DP Architects, with Arab Engineering Bureau (AEB) appointed as Project Architects. MACE International are Project Managers and investments are managed by Al-Futtaim Investment Management (AFIM). The project budget stands at QR 6 billion.
According to the statement: “The iconic complex’s futuristic design separates each individual area into its own uniquely identified space that will transport guests from the world of waterslides and roller coasters, into a retail area populated with diverse international brands.”
“This is a dream come true for us and our partners,” Al-Futtaim group vice chair Omar Al Futtaim, said, adding: “The innovative concept of this project will greatly appeal to visitors and local residents of the nation that has rightly earned its place as one of the most advanced Middle East countries.”
Hailed as a “new phase in the country’s economic revolution”, flagship brands confirmed for the complex include Ikea, Centrepoint and Fitness First.
Phase one is due for completion by H2 2012, with phase two scheduled for 2014.
“Doha has a strong diversified financial standing and a rapidly expanding population with high level of disposable income. This makes it a perfect platform for a versatile complex such as Doha Festival City,” Al Futtaim added.
The development will be located 15km north of central Doha, on one of the arterial routes to the planned Friendship Bridge, linking Qatar with Bahrain.
“Festival City will raise Qatar’s profile as a nation focused on innovation, excellence, and dynamic sustainable development,” QIB chair, Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al Thani said.
“This Joint Venture agreement with the Al-Futtaim group demonstrates both parties’ firm commitment to not only enhance Qatar’s development, but amplify its positioning within the regional and global economy.
“Ultimately the agreement is in accordance with QIB’s strategy to fuel the country’s expansion and the State of Qatar,” he added.
