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Al Futtaim to develop Doha project.

Byline: Suzanne Fenton, Staff Reporter

Dubai: Developer Al Futtaim Group is in advanced discussions to develop a project in Doha, according to the company's managing director, Marwan Shehadeh.

While Shehadeh is hopeful that a decision will be finalised this year, he stressed that nothing is certain yet.

"We are looking at something there (Doha), it is one of the projects we are looking at. We are in advanced discussions but it is not a done deal yet. In the next few months, we hope it will be finalised," Shehadeh told Gulf News.

The Al Futtaim Mena Real Estate Development Fund already has $500 million (Dh1.83 billion) to invest in key projects.

"We have the funds for these projects and they are ready& so there is no issue at all with availability of capital," said Shehadeh.

The company also plans to raise an additional $200 million to pour into the fund. Al Futtaim is behind such projects as Dubai Festival City and the $9 billion Cairo Festival City which is due for completion in late 2011.

Many other developers have tightened the purse strings this year and focused on completing and handing over their current portfolios rather than embarking on new investments. And many developers and contractors are looking to emerging markets such as Saudi Arabia and are flocking to North Africa, especially Egypt and Libya.

Shehadeh said it is because of Al Futtaim's focus on retail that the company still has the means to invest and expand.

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Publication:Gulf News (United Arab Emirates)
Date:Sep 4, 2009
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