02/04/2014 09:26 AST
Ezdan Holding yesterday said its QR4.5bn residential project comprising 11,000 residential units in Al Wakrah, which is built in partnership with SAK Holding Group, will be completed by 2017.
Moreover, Ezdan may soon acquire two more domestic companies as part of its strategy to diversify its investment portfolio.
These were disclosed by Ezdan Holding Group CEO Ali al-Obaidly at the sidelines of annual general assembly meeting, where shareholders approved its 3.1% cash dividend. The meeting was presided over by Ezdan chairman Sheikh Dr Khalid bin Thani al-Thani.
Sheikh Khalid said the financial results for the current year 2014 will be a continuation of such growth through the implementation of diverse ambitious plans, particularly the promotion of the investment portfolio and the launch of large-scale projects led by Ezdan Mall Al Wakrah and Ezdan Hotel Al Shamal.
Regarding the housing project, al-Obaidly said "it will be for the mass market" and to be completed in stages within the next three years. The residential units would be open for both individuals and corporates, he added.
The project assumes significance against the backdrop of increasing expatriate population in view of the mammoth projects being rolled out to upgrade and enhance infrastructure ahead of the 2022 FIFA World Cup.
In November last year, Ezdan Holding had approved the board's proposal to enter into a partnership with SAK Holding for the development of projects in Al Wakrah, which, of late, has become the favourite destination for the developers because of better access as well as the congestion within the capital city.
On the hotel project coming up in Al Shamal, al-Obaidly said it is expected to be opened by the last quarter of this year.
The hotel is part of the QR1.5bn complex, being built on Al Shamal Road behind Landmark Mall, spread over around 115,000 sq m with 129 luxury villas, 256 apartments and a 220-room four-star hotel - the first of its kind on North Road. It also features facilities such as swimming pools, shops, nurseries, restaurants and a variety of other services.
On its diversification strategy, al-Obaidly said Ezdan Holding had acquired more than 20% stake in Islamic Holding Group, a Shariah-principled Qatar Exchange-listed stock brokerage as part of its strategy to direct investments and financial resources to other sectors.
"Before the end of June we are going to announce two more companies," al-Obaidly said without disclosing further details such as whether the due diligence have been conducted or which sectors the companies are in.
Asked whether the company was open to projects outside Qatar, he said it was a "red line" for the Ezdan as the group is focused on projects within the country.
Gulf Times
Please wait...
