DOHA, Qatar, June 28, 2024 /PRNewswire/ -- His Excellency the Prime Minister, Minister of Foreign Affairs, Sheikh Mohamed bin Abdulrahman bin Jassim Al Thani, launched today, Smaisma Project, the latest project by the Ministry of Municipality which will be managed by Qatari Diar Real Estate Investment Company. Upon completion, the project is expected to become a new urban landmark in the country, adding to the growing list of unique tourist destinations along Qatar's coast.
Speaking at the launch, His Excellency Abdullah bin Hamad bin Abdullah Al Attiyah, Minister of Municipality, stressed the importance of collaboration between partners in the public and private sector to continue and reinforce the growth trajectory that Qatar has been witnessing. "As we move steadily towards achieving Qatar National Vision 2030, we are building a future more prosperous and stable for future generations, economically, socially and environmentally. We look forward to enriching the tourism sector with more projects that meet the needs of this vital industry."
Eng. Ali bin Mohamed Al-Ali, CEO of Qatari Diar Real Estate Investment Company, expressed his pride in the trust awarded to Qatari Diar by the Ministry of Municipality to manage the project, stating, "This latest project has been planned under the umbrella of the Ministry of Municipality and in line with the path of continued economic growth pursued by the State of Qatar. This project will set a new standard for tourism in the region and write a new and exciting chapter in Qatar's ongoing success story."
He continued, "The Qatari real estate market is valued at US$485 billion in 2024, and attracts the most foreign direct investments after the energy sector. This industry has witnessed notable growth in the past few years, driven by an increase in demand on residential and retail spaces, growth in visitor numbers, Qatar's hosting of mega events and development in the business and trade sector."
The Smaisma Project will span eight million square metres, and extend along seven kilometres of pristine beachfront on Qatar's eastern coast, in the area known as Smaisma Beach, providing novel tourist and entertainment experiences to the people of Qatar and its visitors.
The project provides promising investment opportunities, with 16 tourism zones available for development by the private sector, including resorts spread out over four zones each with a unique design and character. In addition, the project will feature a large-scale theme park, 18-hole golf course, residential villas, a yacht marina, as well as luxury restaurants and retailers.
Sustainability will be a fundamental pillar of the project, with reliance on smart construction systems, the use of local and recycled materials, as well as the latest in construction technology.
Considered an integrated tourism development, Smaisma Project will open up promising investment opportunities for real estate, development and tourism companies, encouraging foreign direct investments.
Qatari Diar has 50 investment projects under development in 20 countries around the world, combining an investment value of around US$35 billion. The company seeks to provide investment opportunities for both local and foreign real estate developers in many of its projects around the world.
The company has also contributed significantly to the growth of Qatar's real estate sector though pioneering projects, including Lusail City, one of the largest smart and sustainable cities in Qatar.
Qatari Diar's vision is to consolidate its position as a real estate investment company with the highest levels of trust, credibility and efficiency, while harnessing its energies and capabilities to provide sustainable development of high quality, careful planning and the use of innovative methods in the world of real estate.
Media Contact: Peiwen Zou; Peiwen.zou@ogilvy.com; 44103000
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