Mazaya Qatar Real Estate Development Company, the Doha-listed realty developer, expects to begin construction of the second phase of the Marina Mall project in Doha by December 2012, chief executive Sirag Al-Baker told Zawya. The phase is likely to cost about $275 million to build, he said.
The company has appointed the project engineering consultant and had gone through the first phase of the project, which involved site habilitation and setting the foundations, Al-Baker said. It will take about three years to be ready.
The second phase of the mall will include entertainment sites, games and cinemas. It is planned to be one of the prominent shopping centers in Qatar in particular and the Gulf region in general, he said.
Since retail will play an increasingly large role in Qatar's non-hydrocarbons economy, projects like the Marina Mall will add value, said Nidal Al-Kholi, a financial analyst at Neama Investment Group.
Qatar has built several large malls and commercial centers over the past 12 years in a bid to attract shoppers from other Gulf countries, especially Saudi Arabia.
Al-Baker said the Mazaya Qatar is considering restructuring of the project capital in association with experienced financial advisors, who are to be disclosed later.
Zawya
25 October
