From: Yemane Natnael (email@example.com)
Date: Mon Nov 10 2008 - 10:30:49 EST
"We are bullish about the niche property market and hospitality sector. Currently our company is considering several new projects. We have a positive outlook towards projects in Cambodia, China, Sudan, India, Vietnam, Eritrea, Yemen, Libya and Tunisa.”
Qatar's SWF eyes realty for new opportunities including in Eritrea
10 November 2008
Qatar's sovereign wealth fund is looking for new investment opportunities in niche real estate developments, hotels and resorts around the world, says a senior official.
The property subsidiary of the Qatar Investment Authority (QIA)Qatar Investment Authority (QIA)
is considering several new projects in the Middle East, Europe, North Africa, Southeast Asia and Latin America.
"The company has a total portfolio of 42 projects worth $42 billion (Dh155bn) - 17 active ones and 25 at the planning and negotiation stage," said Farid Ben Driss, Chief Development Officer of the subsidiary, the Qatari Diar Real Estate Investment Company (QDREIC)Qatari Diar Real Estate Investment Company (QDREIC)
"We are bullish about the niche property market and hospitality sector. Currently our company is considering several new projects. We have a positive outlook towards projects in Cambodia, China, Sudan, India, Vietnam, Eritrea, Yemen, Libya and Tunisa.
"We are looking at new opportunities and the company intends to grow very fast by developing new projects and acquiring some assets in Europe and the US. Our asset management team has already acquired properties in Milan, Italy and the UK. We are always looking for new projects and properties. In Europe we are looking at the UK, France and Italy."
The fund has formed several joint ventures and other link-ups as part of its expansion plans. The QIAQIA and the Abu Dhabi Investment Authority (Adia)Abu Dhabi Investment Authority (Adia)
have joined forces at the Luisail City project, where the UAE fund is developing an entertainment city. The QIAQIA
has a $1bn joint investment company with Dubai Holding and a $1bn joint venture with the Indonesian Government.
The fund recently formed a joint venture with Gran Caribe, a Cuban company owned by the country's tourism ministry, to develop the Cayo Largo resort.
"We are developing three major resort projects in Cuba," added Driss. "Our alliance with the Adia is limited to the Luisail project. In other projects we are going it alone or with other joint venture partners."
The QDREICQDREIC has four developments in Egypt including a lavish $1bn mixed-use development in Cairo. Starwood Hotels and ResortsStarwood Hotels and Resorts
is developing the St Regis Cairo on the banks of the Nile. Work on the project is progressing and the hotel is scheduled to open by 2011.
And the company is developing a mixed-use resort development worth $350 million at the Red sea city of Sharm El Sheikh. Al Rayyan Hills project in Sana'a, Yemen, is a 440,000 sq m mixed-use development worth $500m.
"When the project is fully developed it will include a five-star hotel connected to a conference and banqueting facility. It will be a top tourist destination drawing up market investors and tourists from around the world."
Al Houra Resort in Tangier, Morocco - the company's first overseas project which was launched in May 2007 - is a $600m five-star resort with two luxury hotels, an 18-hole golf course, luxury villas and apartments and leisure facilities. It is being developed along a 2.5km stretch of coastline.
By VM Satish
© Emirates Business 24/7 2008
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