State-of-the-art QR6bn Doha Festival City project Wednesday, 04 May 2011 05:44

Qatar Islamic Bank (QIB) and Al Futtaim announced that the construction of the state-of-the-art QR6bn Doha Festival City will begin soon following the appointment of the project’s managers, architects and engineers. The 433,847sq m entertainment, retail, hospitality and commercial facility, located 15km north of downtown Doha on Al Shamal Road, is set to become a driving force behind Qatar’s diverse economic development.  It will be designed by DP Architects, with Arab Engineering Bureau (AEB) appointed as Project Architects. MACE International is Project Managers and Al Futtaim Investment Management (AFIM) is Investment Managers. Construction of Phase One of the project – the first of its kind in the country — will start with a ground breaking for the Swedish furnishing giant IKEA. This phase is slated to be completed by the second half of 2012, with Phase Two scheduled for completion by 2014. Al Futtaim, Qatar Islamic Bank (QIB), Aqar Real Estate Investment Company and a private investor are partners in this Joint Venture project.