New £127.5m UK Qatar Construction Deal Signed by FENTON WHELAN & QETAIFAN PROJECTS
Innovative UK real estate developer Fenton Whelan, UK investment and development firm Aplomado Investments Ltd, and Qetaifan Projects, a Qatari government-owned developer (which is part of Katara Hospitality, Qatar’s state-owned hotel and development group), have entered a partnership to undertake £127.5 million (USD$174 million) (Qatari Riyals 634 million) of development comprised of a 5-star healthcare facility and an adjoining British private school, located on the £2.2 billion (USD$3.1 billion) (Qatari Riyals 11.45 billion) Qetaifan Island North, an iconic development which is under construction to the north of Doha.
Located on adjacent sites, the new developments will bring a British private school and Britain’s world-renowned medical care to the island. Qetaifan Island North is designed to deliver a new waterfront leisure destination for Qatar, including residential properties and a hotel.
To help implement the new UK-Qatar development partnership Fenton Whelan and Aplomado Investments are working with UK Export Finance, the UK Government’s export credit agency, who are providing an export credit loan to assist with project procurement and logistics. Support has also been offered from the office of Mr Jon Wilks CMG, Her Majesty’s Ambassador to the State of Qatar.
Located on a 6,010 sqm plot, the new premiere healthcare centre will provide 8,500 sqm of state-of-the-art medical facilities and cutting-edge heathcare services.
The new British school will provide a 30,245 sqm campus with a built-up area of 17,000 sqm, comprised of classrooms, main school hall, campus library with lounge areas, science and techology building, sports hall and school canteen/restaurant. The school’s extensive playing fields, tennis courts and grounds will front onto the waters of the salt canal and it is envisaged that in true British style, students will be able to learn Oxford/Cambridge style competitive rowing and leisurely riverboat punting on the canal.
Construction of both projects will start in parallel in Q1 2022 and each will have a 24 month construction programme with Fenton Whelan acting as funding facilitator, project designer and development manager.
Located off Lusail City, Qetaifan Island North is a 1.3 million sqm development which will provide a new waterfront destination for Qatar, designed around the new 2022 FIFA World Cup Athlete’s Village, a linear park which weaves throughtout the island and a 1.2 km salt canal linked to the sea.
There will also be a new marina, waterfront shopping and restaurant/bar promende, 129,296 square metre waterpark, 15,400 sqm retail plaza and a 335 room and 10 chalets 5-star hotel and 250 room beach resort. Alongside these retail and leisure facilities there will be mixed-use residential buildings including 107 villas and over 3,650 apartments and penthouses.
His Excellency Sheikh Nasser bin Abdul Rahman Al-Thani, Managing Director of Qetaifan Projects says: ” We are happy to conclude this agreement, which shows the concerted efforts of government bodies and institutions in the country, which are working to provide an attractive investment environment for foreign investments, and perhaps the most prominent of these efforts is starting to implement the freehold law for non-Qataris, which would provide the local market with international standards and options that work on developing and revitalizing sectors such as tourism, hospitality, entertainment and of course real estate development.”
His Excellency added: “We do not consider the medical center and the school as just an addition to the residents of Qetaifan Island North, but we treat this type of facility as an addition to the whole local real estate development market, which would increase investment opportunities, improve the quality of projects, and allow the real estate developer to focus on the investor by providing appropriate livelihoods and providing projects with the services and facilities necessary to provide an exceptional lifestyle, which in turn will positively affect the value of the investment plots and will encourage entering into more partnerships, whether local, regional or international.”
Hesham Sharaf, Chief Operating Officer of Qetaifan Projects says : “We are working in Qetaifan Projects on the consolidation of the real estate development value chain, which in turn aims to benefit all parties, starting with the developer and ending with the investor and tenant. Today, and after this agreement, we can say that during the past three years and since the establishment of Qetaifan Projects, our efforts have been crowned by bringing the best investment opportunities to contribute to the development of Qetaifan Island North. There is no doubt that we are happy with this partnership and we look forward to adding more accomplishments to Qetaifan Projects.”
Sanjay Sharma, co-Founding Director of Fenton Whelan says: “Fenton Whelan is delighted to have entered this global partnership with Qetaifan Projects to bring medical and educational facilities to Qetaifan Island North. Fenton Whelan is already building an outpatient facility at our new Park Modern development in London and we have chosen to expand and develop in Qatar because we were captivated by the clarity of vision for Qetaifan island North. This unique island destination combines entertainment attractions, residential neighbourhoods, luxurious hotels and world-class facilities creating a community and destination for tourists and local visitors alike.”
James Van Den Heule, co-Founding Director of Fenton Whelan says: “The new school and medical centre will provide a unique offering to the Qatari market. Fenton Whelan and its partners chose to invest and develop in Qetaifan island North because we believe that the Qatar economy, tourism and inward investment will continue to thrive and grow as the preparations to host the 2022 FIFA World Cup build.”
