Saudi’s Dar Al Arkan and Katara Hospitality join hands to develop sea-front project in Qatar

Dar Al Arkan, the Saudi Arabian real estate company, and Qetaifan Projects, the Qatari real estate company owned by Katara Hospitality, have signed an agreement to develop a project on Qetaifan Island North. The project marks Dar Al Arkan’s first entry into Qatar.

Through the partnership, Dar Al Arkan will develop a luxury project on Qetaifan Island North comprising residential units with direct, front line sea views coupled with modern amenities. The project will also offer residents access to specialised retail outlets on the ground floor.

Work on the development will start in Q2 2022 and total sales are expected to reach over QR1bn.

Sheikh Nasser Bin Abdulrahman Al-Thani, managing director, Qetaifan Projects, said: “Qetaifan Island North is being developed to become an attractive and sought-after destination with its many residential, entertainment, retail and recreational offerings that will put Qatar on the regional and global tourism map.”

Qetaifan Island North is emerging as a thriving waterfront hub representing a new, modern lifestyle. The island will feature a waterpark, luxurious hotels and accommodation, retail options and other modern facilities.

Meanwhile, Dubai’s real estate sales transactions have crossed the Dhs100bn mark for the year.

Read: Dubai real estate transactions cross Dhs100bn mark during Jan-Sep this year

Including September 2021, the year to date total equals 43,299 sales transactions worth Dhs104.3bn. During Jan-Sep, the value of real estate sales transactions were 45.15 per cent higher than 2020 as a whole, and is already the highest yearly sales figure since 2017, a statement said.