DOHA: Qatari Diar Real Estate Investment Company announced the opening of its prestigious $1.5bn “City Center DC” project in Washington DC yesterday.
The ceremony was attended by Minister of Finance H E Ali Sherif Al Emadi, Qatar’s Ambassador to the United States Mohammad Jaham Abdulaziz Al Kuwari, Qatari Diar’s Chief Executive Officer Khaled Mohammed Al Sayed, Mayor of Washington and top dignitaries in Washington, according to QNA.
The Minister said: “The launch of City Center DC project is a token of warm relationship between the State of Qatar and the United States. Qatar has sought to invest in the US market, recognizing the mutual economic benefits.”
The Minister, who is also the chairman of the Board of Directors of Qatari Diar, added that the success of this project allowed Qatari Diar to enter into new projects in the US that includes the construction of an iconic five-star hotel that would be implemented starting in the fall of 2015.
Khaled Mohammed Al Sayed said that the opening of “City Center DC” project comes at a right time when the US has started witnessing a recovery in their economy and market analysts forecasting better returns to the US investors.
He added: “This massive project will bring Qatari Diar great returns, especially after selling a lot of residential units in the first phase, and hire diverse commercial space provided by the project.”
Al Sayed noted the opening of the project will strengthen the company’s presence in this part of the world, and opens up broad prospects for the projects, a new quality in the US through which Qatari Diar put its mark in contemporary architecture that blends local culture .
QNA reported the project was a big success as there were takers for 100 percent of the office space available and sold out 85 percent of housing units.
Of the total residential units available for rentals, there is an 85 percent booking.
The City Center DC is Qatari Diar’s first significant investment in the US property market. Spanning over 148,000sqm, the luxury project is in the heart of downtown Washington and is the largest such development under way in the US.
The first phase comprises six buildings containing 458 rental apartments and 216 condominiums, as well as 48,000 sqm of office space and more than 17 ,000 sqm of retail. The mixed-use luxury complex is connected to a vast parking space and a public park.
Qatari Diar Real Estate Investment Company, a wholly-owned subsidiary of the Qatar Investment Authority (QIA), was established in December 2005 to support Qatar’s growing economy and to coordinate the real estate development priorities of the country. Qatari Diar is currently involved in 49 projects in 29 countries around the world.
The Peninsula
