Bahrain-based investment house Arcapita Bank and Kuwait’s Al Imtiaz Investment said yesterday they would form a joint venture to develop a $3.5bn residential project in Qatar despite the global credit crunch. The venture to develop 3,200 residential units built around a Greg Norman Championship golf course, comes as a real estate boom around the Gulf region comes to an end and oil-fuelled economic growth slows.
“At a time of global economic uncertainty, the Qatar economy stands out with solid fundamentals and high growth prospects,” Atif Abdulmalik, Chief Executive Officer of Arcapita, said in a statement. The development, to be named Al Sidra, is within the Lusail project in Qatar, which is owned by Qatari Diar. The project will be developed on a land area of 3.6 million square metres of which the golf course will occupy around 1.5 million square metres.
The firms expect to unveil the masterplan in the second quarter of 2009, the statement said.
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