Mazaya Qatar projects on track, says chairman
Mazaya's flagship projects all on track, says chairman
The Marina Mall, the Sidra residential project and the housing complex project for the Qatar National Convention Centre’s employees are all on track and at different stages of initial groundwork, Mazaya senior officials told The Peninsula. These are all the flagship projects of Mazaya Qatar Real Estate Development.
The concept design for the $275million Marina Mall has already been completed, and is now in detailed design, said Mazaya chairman Rashid Fahad Al Naimi.
“Now we are at the stage where we need to get the approval from the end user for the detailed design, so that we can move to the tendering process and finally the financing,” he told reporters at a news conference.
Last year the developer entered into a 30-year build, operate and transfer (BOT) agreement with the Qatar Foundation for the development of and management of the Marina Mall Shopping Centre in Lusail. The project is slated for completion within 36 months from the time the detailed design is accepted.
As for the Sidra residential project, Mazaya expects to award contracts for its construction in the next two months. The company is working on the development and management of the $220million project for a period of 20 years.
The project forms part of the Sidra Medical and Research Centre, which is due for completion within two and a half years from the date of signing the BOT agreement.
“Based on the original plan and the agreement we have signed with the Qatar Foundation, we will be delivering the project in phases,” said Al Naimi.
“We did not buy the land, as this is a BOT project. The land was provided by the Qatar Foundation, and all we will do is provide the financing, building and development expertise,” said Mazaya CEO Seraj Saleh Al Baker.
He said Mazaya will also use long-term Islamic financing. “What is attractive about it is that it is a very bankable deal, as we have one tenant over 20 years with guaranteed return. Our balance sheet still allows us to do so, to go one way to finance it,” he said.
The company is also developing a 324-unit housing complex for employees of the Qatar National Convention Centre through a memorandum of understanding (MoU) with the Qatar Foundation last year, and the acquisition of a ten-year exclusive mandate to lease it from the date of the MoU’s conclusion. Al Baker said complex will be self-financed by the company.
As for future expansion, Al Naimi said the company is not planning to expand beyond Qatar this year, as the country’s growth rate and GDP indicate long-term opportunities.
“There is no better market in the Gulf or Middle East than Qatar today. From the expansion point of view, our focus as a company will continue for 2011to be in Qatar, howver if any opportunities present themselves we will consider them,” he said.