Qatari Diar and Germany's Hochtief AG sign Memorandum of Understanding

The joint venture will establish a close partnership in service delivery to include construction.

The official signing took place in Doha on Sunday with Qatari Diar's CEO Ghanim Bin Saad Al-Saad and Hochtief's representatives Henner Mahlstedt, Eimert Los and Wilhelm Bruns.

The immediate focus will be to create a construction joint venture between Qatari Diar and Hochtief focusing on related construction services including knowledge exchange, project management and best practice.

Qatari Diar Chief Executive Officer, Ghanim Bin Saad Al-Saad said: 'I am delighted to sign this Memorandum of Understanding with Hochtief. We look forward to creating a construction joint venture that will further enhance Qatari Diar's leadership in developing sustainable, community
focus real estate investment projects around the world.'

The establishment of the joint venture with Hochtief AG is designed to further Qatari Diar's mission of bringing rewarding sustainable real estate investment projects into developing regions spanning the Middle East, North Africa, and worldwide.

Over the past few months alone Qatari Diar has announced new sustainable development projects in countries such as Yemen, Seychelles, Mauritania, Morocco, Oman, and Egypt.

Qatari Diar is also heavily involved in the local Qatari market, where it is in the process of building the Lusail development, a thirty-five square kilometer self-contained community that will accommodate 200,000 people.

Qatari Diar partners are selected based on their value offerings and alignment with Qatari Diar's vision and long-term aspirations.

Qatari Diar views partnering as a long-term relationship and scrutinizes its potential partners to ensure that all fundamentals are in place to support such a relationship.

To ensure that world-class standards and practices are used in every project, Qatari Diar has formed a number of joint ventures with other industry leaders in the real estate investment and development field.

In addition to Hochtief AG, Qatari Diar has recently formed a joint venture with Vinci Construction Grand Projects (VCGP), an international leader in design and construction with considerable knowledge of the Middle Eastern region, as well as with NorthCourse, a global leisure real estate consulting and asset management company.