Abu Dhabi Investment House (ADIH) and Majid Al Futtaim Group (MAF) have joined forces to develop a component of ADIH's US $1.5 billion (AED5.4 billion) Qatar Entertainment City.
The partnership consists of two agreements to build over 50% of the project, a mixed-use project under development in Lusail, Qatar. The waterfront development is made up of three components: residential, retail and entertainment, which are divided into five districts.
These include downtown (urban environment), boardwalk (waterfront), the North Shore (apartments and hotels), the South Shore (hotels, villas and retail with a waterfront view), and The Villas.
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The development will also feature a snow dome, a multi-purpose arena, water taxis and a light rail network.
ADIH recently announced a net profit of $59.9 million for 2007, a 47% increase on the previous year. Among the company's other projects are Porta Reef and Sunset Hills, both in Bahrain.
"With this new partnership with Majid Al Futtaim, we have set the ball rolling on part of an initiative that will change the landscape for the entertainment industry in the Gulf," said Yousef Ali Darwish, executive director at ADIH and general manager, Qatar Entertainment City.
MAF is also behind Dubai's Mall of the Emirates.
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