DOHA: Qatar General Insurance & Reinsurance Company yesterday announced that its subsidiary Mozoon Real Estate, has completed the initial designs of “Mozoon Towers” project. This exciting project, comprising four hotels and apartment towers and 3,485 m2 of quality retail space, is located in Al Dafna area.
General Real Estate Company, a company wholly owned by Qatar General Insurance & Reinsurance Company, has been appointed to manage the project. Oberoi & Marriot will operate the hotels and serviced apartments in this complex, the firm said in a regulatory filing with Qatar Exchange (QE). General Real Estate Company recently awarded the enabling works package to “BAUER” who will commence the works during April 2015.
“Mozoon Real Estate” was established in the year 2009 by “Qatar General Holding company” and “Al-Sari Trading Company”, as each one owns 50 percent of the company’s capital. The purpose of this company is to develop the plot of land located in the Doha City-Al-Dafnah area which is owned equally by “Qatar General Insurance & Reinsurance Company” and “Al-Sari Trading Company”.
In a separate filing to the QE, Qatar General Insurance & Reinsurance Company announced the completion of the signing of the agreement under which General Real Estate Company, a wholly- owned subsidiary of Qatar General Holding Company , which is fully owned by QGIRC, acquired the entire share capital of Oriental Enterprises Company. However, this agreement entering into force remains subject to the approval of the regulatory authorities, including Qatar Central Bank.
Oriental Enterprises Company, operating in the field of construction and building materials as well as the maintenance of the buildings, holds an “A” rating in the field of construction works and maintenance of buildings. The Company has completed several projects since its inception varied in terms of type and size of housing projects and other commercial projects.
This acquisition is designed to support the company’s real estate activities, as well as diversifying the sources of income of the parent company, QGIRC. QGIRC’s shares tumbled 4.35 percent on Qatar’s stock market yesterday. The Peninsula
