Kuwait Real Estate News
First Qatar to expand into Kuwait and Oman with projects worth $400mn
First Qatar Real Estate Development Company has announced more than $400mn of projects and company expansions into Oman and Kuwait. The announcements were made at the 6th international property investment and development event, said a release.
The First Qatar CEO, Fahad Al Ghunaim expressed the companys commitment towards leisure and quality living with high business potential at properties across the region.
First Qatar also announced the acquisition of a piece of land of more than 5000 square meters worth $10mn in Al Khuwait district in Oman for residential and commercial development, and a $18mn beachfront area in Al Bilajat area in Kuwait for developing residential units.
The company has already set up an office in Kuwait, early next year, and will begin operations in Oman and Kuwait, as a part of its expansion plans. The company is on its way to establish a comprehensive network of agencies across the world, focusing on Europe.
Among the three mega-projects of First Qatar, the First Tower at Porto Arabia is valued at $110mn and will be delivered in September 2008, two towers at Viva Bahriya worth $206mn will be delivered in October 2009 and the Abraj Quartier worth $192mn will be delivered in June 2010.
The First Tower residential project at The Pearl Qatar has reached fourth level and is due to be delivered in September 2008.
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