Mr Rashid Al Nafisi, Chairman of Al Mazaya Holding, said that the Qatari real estate sector will have massive opportunities to make up for the recent period of anticipation and caution that followed the global credit crunch. The real estate market is coming back to the safe side thanks to the government efforts and bailouts that helped give added support to the sector, which is now approaching a new era depending on transparency, elasticity, and the reputation of the real estate companies in the market.
Al Mazaya Holding bases its analysis of the coming period and expectations of the real estate market on a number of factors, most notably is the vital role played by Qatar on the international level, which gave a momentum to the real estate sector in the country by developing major and comprehensive infrastructure throughout the country. Qatar has a 10 year strategy that has directly contributed to offering various attractive opportunities to the real estate sector. These opportunities can help the sector play its vital role in development and increase the rate of GDP.
Al Nafisi added: "It is one of the best times to seize opportunities in the real estate market in the region. Al Mazaya Holding intends to enter into new real estate investments and projects in Qatar through Mazaya Qatar Real Estate Development Company, in response to the burgeoning indicators of various economic sectors. We are noticing that many real estate developers are responding positively to these changes. The race today is to find a foothold in the market in a pace that will attract other developers to follow suit in pursuit of deals based on their capabilities of meeting the needs of the sector."
Al Nafisi presented the role of Mazaya Qatar Real Estate Development Company: " Mazaya Qatar has achieved significant milestones in both its completed and underway projects, including the construction of 350 residential units for Qatar National Convention Centre's employees under a 10-year agreement with the Qatar Foundation for Education, Science and Community Development ( Qatar Foundation ), the development and management of 1165 residential housing units worth QR627 million for the nursing and technical staff of Sidra Medical and Research Centre's Residential Project under a 20-year Build, Operate, and Transfer (BOT) agreement and the 30-year agreement to develop and manage the Marina Mall shopping centre in Lusail, Doha on a BOT basis. These milestones in Qatari real estate market are attributed to Mazaya Qatar and major stakeholders led by Qatar Foundation for Education, Science and Community Development".
He said: " Mazaya Qatar has a number of future projects and is seeking alliances and investments with Qatari and regional parties in various sectors. Evaluations and feasibility studies have been conducted on these projects to better serve the interests of investors. The company is also seeking to appoint highly qualified and experienced professionals to support its administrative and technical teams. The conglomerate is looking for constant development of its programs and systems to the highest standards in real estate market."
Al Nafisi concluded: "World Cup 2022 in Doha drives real estate demand and will have real effect on the regional level. Qatar has broken ground for hosting major world events in the GCC countries, which will have attractive opportunities in tourism sector and help develop real estate, sporting and tourism infrastructure."