ADIH- Majid Al Futtaim Group form development partnership for Qatar Entertainment City worth $1.5bn

The partnership between ADIH and Majid Al Futtaim Group, announced today in Doha - Qatar during the signing of an MOU between the two companies, consists of two separate agreements to build over 50% of Qatar Entertainment City, a mixed-use development, being implemented in Lusail, Qatar.

The water-front development is comprised of three components: residential, retail and entertainment which are divided into 5 districts: downtown (urban environment), boardwalk (waterfront), the North Shore (apartments and hotels with waterfront view), the South Shore (hotels, villas and retail with a waterfront view), and The Villas (exclusive residential villas).

The partnership adopts a phased approach, with the agreement being implemented over two phases in separate precincts.

The two phases of the 'downtown' area, comprises developing and operating the retail and entertainment elements as well as developing and selling residential and retail components in the areas to the north and south of the development's main canal.

The downtown plots that are being built in the two precincts form the town center of both Qatar Entertainment City and Lusail.

Once developed, this area will become the destination hub for entertainment, retail and hospitality in Qatar and the region.

The downtown area will be linked to the coast via water taxis, and will house cinemas, performance auditoriums and public family entertainment attractions and spaces.

Precinct A, which will be developed under the first phase agreement, covers a land size of 140,000 square meters and boasts over one million square feet of prime retail space in the form of a massive regional shopping mall.

Tenants in the mall will include a major mega-store as well as international department stores and brands. The precinct will also house a 50,000 square meter entertainment concept, two hotels and commercial office space.

Precinct B will consist of exclusive residential units and boutique hotels, as well as a premium brand fashion souk, including international luxury brands and restaurants.

The two precincts are expected to be completed and start operations within no more than four years.

Qatar Entertainment City is the first project being implemented under the 'Entertainment City' concept.

The project is a holistic, fully integrated family entertainment destination covering a total area of 1 million square meters of development and 180,000 square meters of international leisure, retail entertainment and restaurants situated with a waterfront location.

The City will feature a snow dome, multi-purpose arena, water taxis and light rail transportation to ease movement of visitors.

In addition, 4,500 residential units including themed villas and sea-view apartments with full community facilities will also be available for purchase.

Jeff Rossely, Executive Vice President - Business Development at Majid Al Futaim Group said, 'we are excited to be part o this development and compliment the ADIH team on their visionary Entertainment City concept. Our combined resources will ensure that this development will be the most desirable destination for Doha and beyond.' He also added, 'the concept, the site and ADIH represent a perfect fit for our regional expansion.

The Majid Al Futtaim Group is widely known for its iconic and internationally recognized Mall of the Emirates retail entertainment and leisure complex in Dubai - which features Ski Dubai.

The Group's emphasis on excellent design, critical tenant mix and customer focus will deliver exceptional products in Doha.

'We like to think we cater for all needs in our developments.' Mr Rossely commented. 'Whether our customers visit Carrefour, Magic Planet, the cinemas, the restaurants or one of our other major tenants, we hope to deliver a product that offers key ingredients to convenience and choice'.

Yousef Ali Darwish - Executive Director at ADIH and General Manager, Qatar Entertainment City, said, "With this new partnership with Majid Al Futtaim, we have set the ball rolling on part of an initiative that will change the landscape for the entertainment industry in the Gulf.

"Having attracted unrivalled companies to our advisory board, our Entertainment City concept, is well on track to becoming a firm reality. We are confident that when Al Futtaim conclude their work, the end product will position our region as a major landmark on the global entertainment industry map".

The Entertainment City concept has been devised by ADIH in consultation with leading international players in the global entertainment and leisure industries.

An advisory board consisting of leaders of international companies was appointed early this year to oversee the strategy implementation of the entertainment component. Members include: Juha Tiihonen - Chairman and CEO, Starcut USA, Inc.; Joel Katz - Greenberg Traurig ; Charlie Besser - President and CEO, Intersports, ; Charles ; Mark Shapiro - President and CEO, Six Flags; Norm Chirite - Managing Director, RedZone Capital; Terry Stewart - President and CEO, Rock and Roll Hall of Fame; Bea Perez - Vice President, Coca Cola; Bruce Eskowitz - President and CEO - Premier Exhibitions; Charles Goldstuck - President and COO, Sony BMG and Randy Philips - President and CEO, AEG Live. The board held its first meeting in Washington, D.C. at the end of February, with the participation of executive senior ADIH management.

The State of Qatar is experiencing phenomenal growth as the market fundamentals of economics and demographics are supported by state-of-the-art infrastructure.

The Qatari government's vision, support and planning will mean that the State of Qatar will have a sustainable economy fore the long term.

GDP per capita of Qatar is second only to Luxembourg in the world and the government's focus on economy diversification means that the country is well placed for prosperity in the long run.