Qatari Diar commits to completing Syrian projects
Projects to be finished once political situation in country is calmed
Although works on its Syrian projects have been temporarily halted, Qatari Diar Real Estate Investment said on Thursday that it was committed to completing them once the security situation stabilises.
Having invested in the Ibn Hani Bay Resort in Latakia, a project that will cost more than $350m, Qatari Diar told the Doha based Al Arab daily that it was committed to completing the projecting.
Mohammed Bin Ali Al Hedfa, the investment firm’s chief executive, added that the company would also complete its residential and commercial real estate development project in Damascus.
Qatari Diar is the property development arm of Qatar’s sovereign wealth fund, the Qatar Investment Authority. With a project portfolio of $60bn, and a global presence in more than 32 countries, the QIA began their involvement with the two Syrian projects in 2008.
In 2010, Syria invested as much as $10.36bn on new developments, as part of a five-year strategic growth plan. The investment includes spending on projects spanning across the retail, residential, hospitality, office, leisure, energy and tourism sectors.
However, the deteriorating political situation in Syria has seen a marked drop off in the amount of investment coming into the country in recent months, with investors preferring to wait for the region to stabilise in the wake of widespread political protests.
In addition to Qatari Diar, other investors in Syria include the Majid Al Futtaim Group, Al Qudra Holding, Syria Qatari Holding, Emaar – IGO, Saudi Bin Laden Group and Khorafi Group.
Earlier this month, the Qatar Electricity and Water Company (QEWC) cancelled plans to build two power plants in Syria, following protests.