(2007-04-10) Cheap property in Qatar Aqaria invests $193 million in Qatar Energy City
Qatari Real Estate Investment Company (QREIC - Aqaria) has signed a QR700 million ($193.3 million) land and development deal with Energy City Qatar.
The deal was signed at the Aqaria headquarters by Sheikh Khalid bin Khalifa bin Jassim Al Thani, Aqaria chairman, and QEC CEO Hesham Al Emadi.
The sale of this commercial plot is one of the most prominent positions within this new fully integrated business cluster, dedicated to the Oil and Gas Industry and is due for completion in 2009. This is one of the Energy City’s biggest deals yet and coming only one week after Energy City Qatar announced phenomenal sales last week of QR1.6 billion.
QREIC is one of the largest companies leading the property development and engineering art sector in Qatar.
Energy City Qatar, which will cover an area of approximately 1.2 million sq m, is a realised futuristic vision, synergistic with the Qatar government’s drive to create a comprehensive home for the Gulf’s energy industry and those who work in it.
Commenting on the deal, Sheikh Khalid stated: “Energy City Qatar is a truly unique project and we as a company are proud to be investing in the new home of the oil and gas industry for the Middle East. Their business aims, values and goals are synergistic with our business and this deal will further cement our business relationship.”
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