Al Futtaim, Qatar Islamic Bank and Aqar Real Estate Investment signed QR6bn joint venture agreement to construct a state-of-the-art entertainment and retail complex in Doha, set to become a driving force behind Qatar’s diverse economic development.

The country’s largest multipurpose complex will be located on the northern highway linking Doha International Airport with the proposed Bahrain Causeway and will include a full retail centre, an entertainment park and two hotels. Construction for the 433,000 sq m project—the first of its kind in the country—will begin in early 2011.

The first retail phase is expected to be finished in the first quarter of 2012 and the remaining two phases will be completed by 2015. IKEA, ACE Toys “R” Us, Marks & Spencer, Intersport – all part of the Al Futtaim group — have already confirmed as the project’s premier anchor tenants.

Al Futtaim is one of the biggest family-owned enterprises in the region and owners of the globally acknowledged Festival City brands in the UAE and Egypt which have become the mainstay for leisure, shopping and entertainment in the two countries.

The group already has presence in Doha through its automotive, retail, technology and engineering businesses.

The project is owned and developed by Bawabat Al Shamal, the parent company which is supplying the land to construct this iconic development. Bawabat Al Shamal comprises four primary shareholders including Al Futtaim Real Estate Services, Qatar Islamic Bank (QI, Aqar Real Estate Investment Company and a private company.

Salah Jaidah, Chief Executive Officer of QIB, said the Joint Venture agreement with the Al Futtaim group demonstrates both parties’ firm commitment to not only enhance Qatar’s development, but amplify its positioning within the regional and global economy. “QIB is excited to be involved in this project as it represents a new phase in the country’s economic evolution and will raise Qatar’s profile as a nation focused on innovation, excellence, and dynamic sustainable development,” he said.

Al Futtaim Group Real Estate, the real estate development arm of the Group has built the award winning Dubai Festival City and Cairo Festival City, both of which has attracted some of the biggest global retail and leisure brands to these mixed use developments.

Robert Willett, Group Chief Executive Officer of Al Futtaim, said this project will transform the leisure, retail and entertainment industry in Doha while providing visitors a very attractive destination.

“This project, as with our Festival City brand in Dubai and Cairo, has been designed with the visitor in mind. Our knowledge in the region’s retailing and leisure industry has taught us to do the uncommon, uncommonly well. Through these mini cities, Al Futtaim will create a unique level of customer and employee engagement that differentiates the experience. Al Futtaim is equally proud to partner with the Qatar Islamic Bank and Aqar and is looking to extend this relationship which is a very important step in our strategic growth plan,” Willet said.

[www.thepeninsulaqatar.com]