Scion Industrial Engineering

Saudi’s Dar Al Arkan inks deal for first Qatar real estate project

Leading Saudi real estate outfit Dar Al Arkan will mark its first foray into Qatar with the development of a “premium project” on Qetaifan Island North.

The move comes following a deal struck between Dar Al Arkan and Qetaifan Projects, a leading Qatari real estate development company owned by Katara Hospitality.

The project will include premium residential units and will also offer residents access to specialised retail outlets on the ground floor.

Ziad El Chaar, vice chairman of Dar Al Arkan Properties, said: “We are excited to become part of Doha’s thriving real-estate market. As the nation gets ready to host the World Cup next year, we believe this global event will have positive implications for the market and position Qatar as a desirable market that is equally attractive to both local residents and international investors.”

Qetaifan Island North will feature a waterpark, an array of luxurious hotels, accommodation, retail options, and various other facilities.

Sheikh Nasser Bin Abdulrahman Al-Thani, managing director, Qetaifan Projects, said: “We are delighted to work with Dar Al Arkan on this unique premium project. Qetaifan Island North is being developed to become an attractive and sought-after destination with its many residential, entertainment, retail and recreational offerings that will put Qatar on the regional and global tourism map.”

Work on the development will start in the second quarter of next year and total sales are expected to reach over QR1 billion ($274.7m).