Al-Futtaim, QIB, Aqar Sign Accord for $1.6 Billion Qatar Property Project

Al-Futtaim, a family-owned business in the United Arab Emirates, signed an agreement with Qatar Islamic Bank and Aqar Real Estate Investment for a property project valued at 6 billion dirhams ($1.6 billion).

The venture plans to build an entertainment and retail complex in Doha, the companies said in a joint statement today. The project will be located on the northern highway linking the Doha airport with the proposed Bahrain Causeway.

Construction of the 433,000 square-meter project will begin in early 2011 and the first phase is scheduled for completion in the first quarter of 2012 and the remaining two phases by 2015, according to the statement.

To contact the reporter on this story: Zainab Fattah in Dubai at zfattah@bloomberg.net

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