$10bn Qatar project on track

Barwa Al Khor, a subsidiary of Barwa Real Estate and a leading Qatari developer, has expressed its confidence on the success of its QR35 billion ($10 billion) Urjuan development project.

Ghanem bin Saad Al Saad, chairman and managing director of Barwa Real Estate, said: “The performance of Qatar in every aspect of development amidst the global financial meltdown is truly phenomenal, and this is largely due to the ample initiatives being taken by the Qatari Government to buffer the impact of the economic slowdown to the country’s most important industries.

“The presence of a massive development such as Urjuan underlines the stability and growth of the Qatari economy, and we are confident that this project will deliver beyond the expectations of our customers in terms of the value we will provide for their investments, and that of the people of Qatar for its contribution to the stability and growth of the local economy.”

While Qatar’s economy is expected to grow in 2009 due to its liquefied natural gas (LNG) exports and fiscal policy, it is also becoming an attractive destination for both for commercial and residential real estate investments, according to recent market research analysis. In addition to its strong economic standing, Qatar is also implementing freehold property laws for foreigners, which has increased investor confidence.

“As a developer, our commitment to our customers does not merely involve the timely completion of our projects, but also extends to ensuring that we develop within destinations with the most opportunity for growth and profit for their investments. With Qatar’s emergence as one of the most prosperous countries in the world, we are confident that the Urjuan project will not only provide customers with luxurious and well-appointed residential and strategic commercial spaces, but more importantly outstanding investment opportunities,” concluded Al Saad.

Urjuan is a modern, master-planned, eco-friendly development spanning nearly 5.5 million sq m, located 40 minutes from central Doha and incorporates 24,500 housing units, commercial, leisure, sport, garden and waterfront projects. In addition, it will also house luxury facilities, including a five-star business hotel and an 18-hole golf course. It has a capacity for about 63,000 residents and 40,000 day visitors, tourists and employees.

The strategic location of Urjuan development and its close proximity to Ras Laffan and other prime areas around Qatar will provide residents and investors the ideal, self-sustained, urban community, a statement said.

The Urjuan project will be sold in several phases offering customers and investors residential and commercial plot options and properties, it said.
TradeArabia News Service

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