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DOHA: The Public Administration Department of the Ministry of Awqaf (Religious Endowment) and Islamic Affairs signed a contract with Qatar Islamic Bank (QIB) on Monday to carry out a Real Estate project worth QR54m.
The project is considered one of the biggest projects of Public Administration of Awqaf for financial year 2011 to 2012 and consists of four residential buildings containing 84 flats.
The buildings will be built on a 3,412sqm plot located in Bin Mahmoud Area behind Suhaim bin Hamad Street. Construction of the seven-storey buildings will be completed within 20 months to be financed by QIB. Separate club houses for men and women will also be constructed in each of the four buildings within the residential complex.
Abdullah Al Dosari, Director of the Public Administration of Awqaf, said the project is the first of more than nine projects Awqaf is planning to build in the present budget period with the good economic climate and low cost of construction.
“Awqaf is always looking at real estate projects which support the vision of Awqaf on its role in various areas. Real estate investment is considered a main priority of Awqaf because this achieves our main objective to support the society,” said Al Dosari, adding, “This is a low risk investment with assured income, which leads to the creation of a stable and permanent source of support for the community.”
The project belongs to Abdullah Saad Obeid, who has more than 20 foundations registered in his name in Awqaf including mosques and houses of imams.
The residential buildings will not be for sale but will be offered for rent at cheaper rates compared to prevailing market prices.
“Awqaf follows the best standards in the real estate sector so we don’t face economic challenges despite the world crisis,” said Fahad Al Falaki, an economic expert at the Awqaf.