(MENAFN- The Peninsula) QNA
Doha, Qatar: Chief Executive Officer of Qatari Diar Real Estate Investment and Development Company Eng. Abdullah bin Hamad Al Attiyah affirmed that the company's project in Tajikistan“Diar Dushanbe”, reflects the remarkable political and economic relations between the State of Qatar and the Republic of Tajikistan.
Al Attiyah said in remarks to QNA that work on the second phase of the project, which is built on a 6.8 hectares area in the center of the Tajik capital, Dushanbe, is currently underway after the completion of the first phase in 2015.
He pointed out that the Diar Dushanbe project is one of the many high end projects of the Qatari Diar Real Estate Investment and Development Company. Diar Dushanbe has been meticulously planned to offer a mix of residential and commercial properties, while the waterfront development provides a great place to live, work and entertain with its plazas, shops, and green open spaces, he said.
The Diar Dushanbe project has four phases, with the first phase covering 41,100 square meters at a cost of USD$55.5m (QR202m), and the second phase includes a high-rise building, two low-rise residential buildings, and a DCR building belonging to the US Embassy (embassy staff accommodation), covers an area of 16,500 square meters. The third phase consists of 5 residential buildings, covering an area of 62,800 square meters and is currently under financial and commercial negotiations, and the fourth phase includes the construction of a five-star hotel in an area of 28,700 square meters, which is also under financial and commercial negotiations with investors.
The actual infrastructure cost of the second, third, and fourth phases is USD$7.4m (QR27m), while the actual design cost of the second phase is USD$2m (QR7.3m).
Eng. Abdullah bin Hamad Al Attiyah said that Qatari Diar offers its international experience and modern knowledge in the real estate market in Tajikistan, where the company created more than 100 jobs for Tajik citizens in the first phase, as it will provide more than 300 people with high-paying jobs during the second phase of construction.
He stressed that the Diar Dushanbe project, which provides a quality of life and work, strengthens economic and political relations between the State of Qatar and the Republic of Tajikistan.
He pointed out that Tajikistan was selected to house such a project for several reasons, including that it is a promising market due to the rapid increase in the population, favorable geopolitical location, developed tourist destination, and that Tajikistan is considered an emerging market with a thriving real estate sector that lacks international experience and real estate development.
At the end of his remarks, Diar CEO Eng. Abdullah bin Hamad Al Attiyah said that since its inception, the company has been committed to achieving its vision.