(MENAFN- The Peninsula) Lani Rose R Dizon |
The Peninsula
Doha: Qetaifan Projects, fully owned by Katara Hospitality and the Real estate developer of Qetaifan Island North (QIN) yesterday signed a memorandum of understanding (MoU) with JMJ Properties for the construction of a QR600m mixed-use development at QIN.
The agreement was signed by sheikh Nasser bin Abdulrahman Al Thani, Managing Director of Qetaifan Projects and Sheikh Jabor bin Mansour Al Thani, Chairman and Founder of JMJ Properties during the Cityscape Qatar 2022 at Doha exhibition convention Center (DECC).
The agreement signing ceremony was attended by Hesham Sharaf, Chief Operating Officer, and Sheikh Nasser bin Abdulaziz Al Thani, Head of Business Development at Qetaifan Projects, in addition to Sheikh Faisal bin Mansour Al Thani from JMJ Properties.
Qetaifan Projects and JMJ Properties will develop a mixed-use five plots of mid-rise located at the southern area of Qetaifan Island North. The plot area is approximately 25,000 square meters, with an investment value of QR600m.
Sheikh Nasser said:“Collaborating with local companies and the private sector is part of our strategy to work on the development of Qetaifan Island North, in addition to being part of the success system that we developed in Qetaifan Projects, which prioritises the residents and visitors, and this will also reflect positively on different sectors”.
He added:“Despite all the challenges, there's no doubt that the continuous foreign and local investors' interest is only a proof of the investor's trust in the development of Qetaifan Island North project, and despite the responsibility that such trust places on us, we are pleased with this local investment on Qetaifan Island North”.
Sheikh Jabor added:“Achieving a long-term economic vision through a strategic partnership with Qetaifan Projects and by investing in Qetaifan Island North to enrich Qatar's sustainable real-estate development market is essential to serve all sectors”.
Sharaf also stated:“Partnerships are a necessity to the success of any real estate development, particularly the promising and sustainable projects such as the Qetaifan Island North project, which provides all the services and facilities that will make it a recreational destination that offers a whole new lifestyle”.
Sheikh Nasser bin Abdulaziz Al Thani added:“We are optimistic about this partnership, and there's no doubt that we will be working together to make this partnership a success, to which will also contribute to the success of Qetaifan Island North project, which we seek as a team at all levels”.
During the expo, Qetaifan Projects also signed a separate deal with the Royal Institute of Chartered Surveyors (RICS) to collaborate closer on the integration of international sustainability standards, a key pillar of Qatar's Vision 2030. The signing ceremony was facilitated by Jordan D'Gama, Head of Insight, Strategy and Success at RICS, and Hesham Sharaf, Chief Operating Officer at Qetaifan Projects.
Sharaf said:“With sustainability high on the agenda for all real estate stakeholders, we are pleased to confirm both RICS and Qetaifan will be pledging their support for the international property measurement standard (IPMS)”.
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