Al-Futtaim, Qatar Islamic Bank (QIB) and Aqar Real Estate Investment (AREI) have signed an AED 6bn (£1.1bn) joint venture agreement to construct a state-of-the-art entertainment and retail complex in Doha, Qatar.
What it is said will be the country's largest multipurpose complex, will be located on the northern highway linking Doha International Airport with the proposed Bahrain Causeway and feature a full retail centre, an entertainment park and two hotels.
Construction of the 433,000sq m (4.7m sq ft) project will begin in early 2011, with the first retail phase slated for completion in the first quarter of 2012. The remaining two phases will be completed by 2015.
Al-Futtaim is one of the biggest family-owned enterprises in the region and owners of the Festival City brands in the UAE and Egypt. The group already has a presence in Doha through its automotive, retail, technology and engineering businesses.
The project - which will be accessed by a new six-lane highway - will be owned and developed by Bawabat Al-Shamal, which comprises four primary shareholders including Al-Futtaim Real Estate Services, QIB, AREI and a private company.
