DOHA, QATAR-A joint venture of family-owned Al-Futtaim, Qatar Islamic Bank, Aqar Real Estate Investment Co. and at least one private investor has started construction on the $1.6 billion Doha Festival City here, north of the city. The development is projected to be about five million square feet, with entertainment, retail, hospitality and office buildings.
Phase one will include an IKEA, and will be complete by late 2012, according to the venture. Phase two is scheduled for completion by 2014. The rest of the anchors will be ACE, Toys R Us, Marks & Spencer and Intersport.
Other tenants will include Max Fashion, Sports Authority, Fitness First, Home Centre, Iconic and Robinson’s department store. The site will also include a shopping center, an indoor-outdoor entertainment park with waterslides and roller coasters, automotive zone and two international hotels.
Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al Thani, chairman of QIB, said the project represents a new phase in the country’s economic evolution. “Ultimately the agreement is in accordance with QIB’s strategy to fuel the country’s expansion and the state of Qatar’s 2030 vision,” he said in a statement.
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