Doha set to become global real estate hub

Barwa City Development is under construction in Qatar.

Doha has been named as a rising star in the global property industry in a report by the US property services firm Jones Lang LaSalle (JLL).

The report released yesterday said Qatar's capital city is becoming increasingly competitive as the country continues to invest its revenues from the gas industry into urban development.

"Doha...offers a favourable combination of ingredients revolving around a clearly articulated long-term vision of how the country's massive gas-driven wealth can be reinvested to create a unique and sustainable pattern of urban development," the report said.

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Qatar is the world's top exporter of liquefied natural gas, but over recent years has been trying to diversify its economy by developing its real estate and financial sectors, reports the news agency AFP.

Qatar’s largest property developers are Barwa Real Estate and Qatari Diar, whose mega projects include the US $750 million (QAR2.73 billion) Barwa City Development and the $1.5 billion Doha Convention Centre and Tower.