Qatar plans Khartoum mega project

Qatar: Getting into real estate...

Qatar is spreading the wealth with news that Qatari Diar, the property arm of Qatar's sovereign wealth fund, is to begin work on a 'mixed use mega project' in Khartoum, Sudan.

The 20.6 hectare Mushaireb project is expected to cost USD$400 million, and will include a 5-star hotel, residential towers, office and retail space.

In a statement, Dr Hassan Al-Fadala, the Qatari Diar Real Estate Co's deputy CEO for Operations said, "The investment in our development in Sudan is reflective of the strong growth potential we see in Sudan."

It was also announced in the statement that the Consolidated Contractors Company had been chosen for the contract, and that construction work on phase one of Mushaireb was now underway.

Not just that, but despite design and architecture works still ongoing for the remaining phases, the first residential tower has already been sold.

To sell the area as a tourist destination, Qatari Diar are also expected to develop a waterfront area along the Nile.

Expanding around the world

Despite being the world's largest exporter of liquefied natural gas, Qatar has been broadening its horizons in recent years, and has been 'snapping up' real estate bargains that have come about from the recession.

As for Qatari Diar, it counts London's Chelsea Barracks among its most high-profile overseas assets and recently launched a luxury real estate project in Tajikistan in August, its first in Central Asia, and has said it is eyeing investments in Vietnam.

In September, there were rumours that the company was looking to set up 'opportunities' in Da Nang City saying at the time that Vietnam was "central to Qatari Diar's continual expansion and delivery of world beating developments."

It also emerged that the deal set up between the Vietnamese government and Qatar would be a $1 billion fund to invest in sectors such as agriculture and tourism.

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