BARWA Real Estate to launch flagship project in Qatar by November

The developer also announced that complete information with regard to investing within this state-of-the-art project will be then revealed. This announcement was made through a statement released by the company itself today. Furthermore, the developer has invited all concerned parties to attend the official launch of the project.

Commenting on the project, Mr. Ghanem bin Saad Al Saad, Chairman and Managing Director of BARWA Real Estate, said:

"We are proud to launch this project, which will be the biggest and the most important project in our project portfolio in Qatar, through our subsidiary BARWA Al Khor. BARWA Al Khor will handle the development, management and marketing of the project, which will be a city development comprising of residential, commercial and touristic developments. Our decision to choose Al Khor area as home for this important project has been driven by its rich history that resonates in the minds of the Qatari citizens, as well as its position as a major focus of the Qatari Parliament Resolution No.20 of 2004 with respect to Conditions and Restrictions of non-Qataris' freehold ownership of properties and residential units."

He added, "Al Khor has established itself as one of the fastest growing cities in the world and now houses the hubs of some of the leading energy companies, including ExxonMobil, Shell, Dolphin Energy, Qatargas and RasGas LNG production facilities. The coastal city, located 57 kilometres north of Doha, is famous for its harbour filled with small craft and fishing boats, excellent beaches and a castle. Expected to be the next hotspot for residence and business in Qatar, Al Khor is currently witnessing heavy construction works as part of the 'Qatar 2025' plan set by the 'Urban Planning and Development Authority'. BARWA Al Khor's upcoming project is expected to further stimulate the growth in Al Khor area, while maintaining the unique spirit of Al Khor environment which has existed over hundreds of years. Al Khor with its own architecture, old houses and charming environment will remain as it is forever surrounded by this mega eco-friendly project which resembles a link between our history and future."

"In line with Al Khor's exemplary growth, we have committed to incorporating world-class facilities within our high profile project to address the high standard requirements of multinational companies and high net-worth individuals who are headed to Al Khor over the next couple of years," Mr. Al Saad concluded.

The company's released statement quoted recent studies showing that Qatar is expected to witness the rise of construction projects totalling an estimated $82.5bn by 2010, amidst the government's efforts to continue its diversification away from the oil and gas sector, thereby creating excellent opportunities for foreign investment into the country. Particularly, the property investment market is exhibiting high potential by offering overseas property investors the chance to own some of the most iconic and luxurious properties in the world today.