The project is one of the first partnerships between Qatar and Saudi Arabia after a year-long Gulf crisis.
Leading Saudi real estate developer Dar Al Arkan is set to mark its first entry into Qatar with a QAR 700 million “premium project” to develop Qetaifan Island North.
Qetaifan Projects, a leading Qatari real estate development company owned by Katara Hospitality, signed an agreement with the Saudi property developer.
The work project consists of five South Marina Promenade plots overlooking the Island South and the South Marina Promenade.
The agreement marks Dar Al Arkan’s first entry into Doha and one of the first partnerships between companies both countries since the GCC crisis came to an end earlier this year.
The deal was inked by Managing Director of Qetaifan Projects Sheikh Nasser bin Abdulrahman Al Thani and Vice Chairman of Dar Al Arkan Properties Ziad El Chaar at the Cityscape Qatar 2021 event in Doha.
The three-day event, the only property exhibition of its kind in Qatar, enables and promotes investors and businessmen to network and trade.
“We are delighted to work with Dar Al Arkan on this unique premium project. Qetaifan Island North is being developed to become an attractive and sought-after destination with its many residential, entertainment, retail and recreational offerings that will put Qatar on the regional and global tourism map,” Sheikh Nasser said.
“We are happy to conclude this agreement, which shows Qetaifan Projects’ efforts to provide an attractive investment environment for foreign investments and provide the local market with international standards and options that work on developing and revitalising sectors such as tourism, hospitality, entertainment and of course real estate development, working hand in hand to achieve Qatar Vision 2030,” he continued.
Under the new partnership, Dar Al Arkan will work on a luxury project on Qetaifan Island North including premium residential units with sea view and modern facilities.
This project will also provide access to specialised retail stores on the ground floor, as well as a waterpark, a variety of luxurious hotels, accommodation, retail options, and several other amenities.
The development scheme will kick-start in the second quarter of 2022 and total sales are anticipated to exceed QAR 1 billion ($274.7m).
The project could reach completion by 2026 as the development phase is anticipated to take three to four years, Sheikh Nasser said.
Speaking about the recent partnership with the Saudi-based developer, Sheik Nasser noted Dar Al Arkan’s reputation in the Saudi market will help in attracting more investors into Qatar.
“We are today talking as developers, and tomorrow we’ll have individual units and plots that are going to be sold whether to the Saudi Arabia or the UAE, or to any of the other GCC countries, and the whole world.
“We are welcoming and inviting all investors to come. And we are privileged to have the rights for permanent residencies and freehold ownership for international investors into the project,” he emphasised.
Meanwhile, Dar Al Arkan’s El Chaar praised Qatar’s “thriving” real estate market, which he said is supported by good pricing strategies for rental return or residency, in addition to connectivity, safety and security.
“As the nation gets ready to host the World Cup next year, we believe this global event will have positive implications for the market and position Qatar as a desirable market that is equally attractive to both local residents and international investors,” he said.
“Our project on Qetaifan Island North is unique and builds on the Dar Al Arkan’s strategic aspirations of elevating the offerings as well as quality of the real estate sector in the region,” El Chaar noted.
He stressed on the importance of global connectivity in investment, “today by having one of the busiest airports and one of the best airlines in the world, this presents a very big opportunity for international investors to invest in Qatar.”