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The Queen Elizaabeth Olympic Park – the East Village Qatari Diar’s development project in London, UK

In recent years, Qatar has found its place on the world stage. Since being awarded the 2022 FIFA World Cup, the country has been under the international spotlight. Qatar is leaving its mark in various parts of the world by investing in regions such as Europe, Asia and Africa.

Behind much of Qatar’s international growth and investments are Qatar Holding LLC (QH) and Qatari Diar, which are both under the umbrella of Qatar Investment Authority (QIA). Established in 2005 to strengthen the country’s economy by diversifying into new asset classes, QIA is building on the heritage of Qatar investments dating back more than three decades and growing a portfolio of long-term strategic investments to help complement Qatar’s huge wealth in natural resources.

QH is a global investment house established in 2006, which invests internationally and locally in strategic private and public equity as well as in other direct investments.

Established in 2005, Qatari Diar has been entrusted to support Qatar’s growing economy and to coordinate the country’s real estate development priorities. As of January 2013, Qatari Diar is capitalised at US$4 billion and has more than 49 projects under development or planning in Qatar and in 29 countries around the world with a combined value of over US$35 billion (QR127 billion).

United Kingdom

Harrods
Harrods, the upmarket department store located on Brompton Road, Knightsbridge, in the Royal Borough of Kensington and Chelsea, London.

Harrods, the upmarket department store located on Brompton Road, Knightsbridge, in the Royal Borough of Kensington and Chelsea, London, was sold to Qatar Holding in May 2010.

The sale was concluded in the early hours of 8 May 2010, when the then Prime Minister of Qatar HE Hamad bin Jassim bin Jaber Al Thani to London to finalise the deal, saying that the acquisition of Harrods would add ‘much value’ to the investment portfolio of Qatar Holding while his deputy, Hussain Ali Al Abdulla, called it a ‘landmark transaction’. Harrods was sold for £1.5 billion (QR8.7 billion).

The store occupies a 20,000 square metres site and has over 90,000 sq m of retail space in over 330 departments making it the biggest department store in Europe.

Harrods is now set for multi-million pound refurbishment revolving around the installation of a new escalator inspired by Harrods’ historic architecture. The new escalator has been designed by architects Make and will cover all seven floors of the Knightsbridge store. The investment is part of a drive by QH to refresh the inside of Harrods and restore its historic look.

QH has announced plans to open a chain of Harrods-branded hotels around the world. The first will be in Kuala Lumpur’s Bukit Bintang shopping district, with two more planned in London and Sardinia. Hotels in Paris and New York are also being considered.

As well as Harrods, Qatari investors have recently been investing in major projects throughout the UK. Qatari Diar is constructing some of the largest residential developments in Europe within the UK. In Chelsea, the former barracks is Qatari Diar’s largest residential development in Europe in terms of value. The masterplan concept for Chelsea Barracks merges this old military site in Southwest London with the surrounding Belgravia neighbourhood through a residential area, which combines houses with additional apartment buildings, as well as local shops and community facilities; all spanning over 52,000 sq m.

In London, Qatari Diar and Canary Wharf Group signed an agreement with Shell International Limited to redevelop the Shell Centre site in 2011. Located next to the London Eye and on the south bank of the River Thames, the mixed-use development will comprise office, retail and residential space. The well-known 1950’s, 27-storey tower in the middle of the Shell Centre will be preserved and retained by Shell.

Also in London, Qatari Diar is constructing the first leading legacy neighbourhood, known as The Queen Elizabeth Olympic Park – the East Village. The new neighbourhood will provide 2,818 new homes for over 6,000 people. In addition to 1,439 private homes mainly available to rent, there will be 1,379 affordable homes offering the choice of buying or renting to people with a range of income levels.

Montenegro

In the Mediterranean hotspot of Montenegro, Qatari Diar is overseeing a leisure development. Beyond Horizon will feature a five-star hotel, complete with world-class amenities, as well as mixed-use units on a project spanning 34,000 sq m in total. Qatari Diar will invest Euro 250 million (QR1.2 billion) in the hotel complex’s construction, at the Plavi Horizonti location in Tivat. The property will be managed by Qatari Diar Hotels and Property Investment.​

Magasins ouverts le dimanche sur l'avenue des Champs Elysees
52 Avenue des Champs-Elysées in Paris, France

QIA bought the building at 52 Avenue des Champs-Elysées in Paris, France, which is home to Virgin Megastore and Monoprix. The building cost more than Euro 463.4 million (QR2.2 billion).

Qatar has become a major investor in Paris real estate in recent years. In 2007, Qatari property group, Barwa Real Estate, bought an international conference centre near the Arc de Triomphe for Euro 404 million (QR1.9 billion) and the Royal Monceau hotel for Euro 250 million (QR1.2 billion). Moreover, in 2009, Qatar paid Euro 440 million (QR2.1 billion) for HSBC’s head office at 103 Avenue des Champs Elysées.

Qatari investors have now acquired full control of popular French football club Paris Saint Germain, Colony Capital, which sold Qatar Sports Investment a 70% controlling stake in May 2012, and has owned PSG since 2006, but will now pass full ownership to the Qatari group. PSG, which finished fourth in France last season, is now valued at more than Euro 96.6 million (QR476 million).

In addition, Qatar is also investing in the hotel and management industry in France. Le Royal Monceau Hotel is Qatari Diar’s debut in the French capital, and was reopened in October 2010 following a refurbishment overseen by the renowned designer Philippe Starck. The hotel features an art library, recording facilities, a screening room plus a personal art concierge. Qatari Diar redeveloped the landmark hotel, which is owned by Qatar National Hotels Company.

In Paris, Qatari Diar undertook the redevelopment of an existing building constructed in the late 19th century as the Hotel Majestic and for around 40 years was one of Paris’ most famous landmarks. The new Peninsula Paris hotel, owned by Qatar National Hotels Company, will reinstate the building’s reputation as the leading hotel in Paris. Its 200 rooms will include 46 suites – among them a ‘Historic’ suite, complete with period decoration, three restaurants, scores of meeting rooms, a spa as well as a swimming pool.

Haiti

In January 2010, Port-au-Prince, the capital of Haiti, in the Caribbean, was struck by a catastrophic 7.0 magnitude earthquake, which left at least 230,000 people dead and more than a million homeless.

Consequently, in 2010 – 2011 , Qatar created the Qatar Haiti Fund, pledging US$20 million (QR72.8 million) towards reconstructing Haiti at the 2010 UN International Donors’ Conference ‘Towards a New Future for Haiti’. The fund focuses on vital reconstruction areas, including housing, health and education sectors. As part of this commitment, Qatar announced the launch of the ‘Qatar City’ project, which is being funded with US$5 million (QR18.2 million) from the Qatar Haiti Fund, and US$4 million (QR14.5 million) from the US Agency for International Development (USAID).

The US$9 million (QR32.7 million) project is the product of an agreement signed in June 2013 by Mohammed bin Abdullah Al Rumaihi, Qatar’s Ambassador to the US and Chairman of the Qatar Haiti Fund and for the USAID Dr Rajiv Shah. The agreement between USAID and the Qatar Haiti Fund will include the construction of 148 permanent houses, a vocational training school and a commercial area.

Haiti Camp
Haitian tent city, following the devestating earthquake

‘Qatar City’ will be built on 5.55 hectares of land in Cabaret, Haiti. Each housing unit will have 35 sq m of living space across two rooms, built to hurricane and earthquake resistance standards. According to USAID, beneficiaries of the housing would be selected through a process set up by Haiti’s government and donor and NGO communities.

In 2012, Qatar granted US$2 million (QR7.2 million) towards a mobile health clinic, US$1 million (QR3.6 million) for scholarships to students who cannot afford school in Haiti, and US$700,000 (QR2.5 million) toward the Haitian government and New Orleans, to impart lessons from Hurricane Katrina to Haiti.

Cuba

In Cayo Largo del Su, Cuba, Grand Paraiso is among a number of Qatari Diar projects in the Americas and puts the company’s efforts to promote sustainable tourism in the spotlight.

Located on an isolated and small island of Cayo Largo del Sur, 50 km southwest of Cuba on a 285,000 sq m parcel of land, the development contains an ultra-luxury resort with 220 rooms. Cayo Largo del Sur, the new luxury resort hotel and spa, will also feature world-class amenities, including a spa and fitness centre. The development will be complemented by retail facilities.

As Qatari Diar’s first major venture into Cuba, the key development will spur economic growth on a local level and offer quality accommodation to international visitors.​​

Tajikistan

In Dushanbe, Tajikistan, Qatari Diar is building an integrated community development that stretches across 68,000 sq m on the waterfront of the Gissar Canal overlooking the Kuli Javonon Lake.

Dun Diar Dushanbe, which is also known as Diar Dushanbe, is a mixed-use development with five luxury residential buildings, hospitality components, and three commercial buildings with extensive retail and office space. The development will also provide sports and leisure facilities, a shopping centre, and a waterfront promenade surrounded by ample green spaces and landscaped gardens.​​

Palestine

In Palestine, Qatar is building Rawabi, the first master-planned city in the heart of Palestine and which truly emphasises Qatari Diar’s mission of enriching the quality of people lives. Located 9 km north of Ramallah, 20 km north of Jerusalem and 25 km south of Nablus, Rawabi is being built as a modern, high-tech city with gleaming high-rise buildings, green parks and shopping areas.

Somalia Refugee Camp
Men, women and children wait for relief aid in the Dadaab refugee camp where thousands of Somalis converged due to displacemental hunger on 15 August 2011 in Dadaab, Somalia.

Qatar Charity (QC) has established a model village at a cost of around US$274,649 (QR1 million), near the Somali capital Mogadishu, within the framework of Eemaar project, to support the return of Somalis displaced from their homes and provide them with income-generating projects.

The village includes a primary school, a mosque, shops and wells, with the capacity for around 6,000 people. It will also be receiving aid including food and non-food items in addition to the distribution of seeds, plowing equipment and pesticides to farmers and other income-generating projects.

QC is second only with regard to the number of beneficiaries and relief activities in July 2013 in Somalia, according to a report by the UN Office for the Coordination of the Humanitarian Affairs (OCHA). The UN report stated that QC distinguished itself by providing daily cooked meals to 8,000 displaced people. In addition, it provided plastic sheets for more than 500 beneficiaries, food rations to more than 2,000 and health services to 15,000.

Qatari Diar Khartoum
Qatari Diar’s residential development, Mushaireb, in Khartoum, Sudan

In 2006, Qatari Diar announced the construction of a 206,000 sq m residential development called Mushaireb in Sudan. Situated at the convergence of the Blue and White Nile rivers in Khartoum, the US$400 million (QR1.4 billion) development combines contemporary and Islamic architecture within a secure urban landscape. The Mushaireb development offers around 500 residential units, and over 6,000 sq m of retail space through eight residential towers, a 5-star hotel and a commercial arcade. It expects to welcome around 20,000 residents and visitors upon completion.

Qatar’s projects in the UK, France, Palestine, Somalia, Sudan and Haiti are some of the country’s largest and most popular projects abroad. However, Qatar has projects in other countries as well, including Spain, Italy, Switzerland, Turkey, Egypt, Morocco, Tunisia, Yemen and the US – attempting to make an impact and leave their footprint worldwide.

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This article has been extracted from the ‘Special Features’ section in Marhaba Information Guide Issue No 58 (M58) Winter 2013/14, pages 224 to 227. Pick M58 from the nearest hypermarket or bookstore next you for only QR20.

Author: Ola Diab