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Kuwait-Bahrain joint venture to develop Lusail project

Bahrain's Arcapita Bank and Kuwait's Al-Imtiaz Investment Company have signed a joint venture agreement to develop a $3.5bn golf residential project in Qatar.

The project will be called Al-Sidra and located within the Lusail development to the north of Doha. It will feature up to 3,200 residential units centred around a Greg Norman golf course and Chris Evert tennis academy. The units will be comprised of high-end villas, townhouses and low-rise apartments.

It will cover a land area of 3.6 square kilometres, with the golf course occupying around 1.5 sq km.

The project's masterplan is expected to be finalised in the second quarter 2009.

Qatari Diar Real Estate Investment Company, is the project's master developer. In September, the company launched a subsidiary, Lusail Real Estate Development Company to manage the project.

The Lusail project covers 35 square kilometres and includes residential, commercial and retail areas. It will provide accommodation for 200,000 people, along with schools, hospitals and entertainment facilities

Source: MEED