Qetaifan Projects and JMJ Properties signed a memorandum of understanding (MoU) on the sidelines of Cityscape Qatar 2022 on Wednesday for a QR600mn investment project to rise in Qetaifan Island North.
The MoU was signed by Qetaifan Projects managing director Sheikh Nasser bin Abdulrahman al-Thani and JMJ Properties chairman and founder Sheikh Jabor bin Mansour al-Thani.
The signing ceremony was attended by Qetaifan Projects officials Hesham Sharaf, chief operating officer, and Sheikh Nasser bin Abdulaziz al-Thani, head of Business Development, as well as Sheikh Faisal bin Mansour al-Thani from JMJ Properties.
Qetaifan Projects and JMJ Properties will develop a mixed-use five plots of mid-rise located at the southern area of Qetaifan Island North. The plot area is approximately 25,000sqm with an investment value of QR600mn.
Sheikh Nasser bin Abdulrahman al-Thani said, “Collaborating with local companies and the private sector is part of our strategy to work on the development of Qetaifan Island North, in addition to being part of the success system that we developed in Qetaifan Projects, which prioritises residents and visitors, and this will also reflect positively on different sectors.
“Despite all the challenges, there’s no doubt that the continuous foreign and local investors’ interest is only a proof of the investor’s trust in the development of the Qetaifan Island North project, and despite the responsibility that such trust places on us, we are pleased with this local investment on Qetaifan Island North.”
Sheikh Jabor said, “Achieving a long-term economic vision through a strategic partnership with Qetaifan Projects and by investing in Qetaifan Island North to enrich Qatar’s sustainable real-estate development market is essential to serve all sectors.”
Sharaf said, “Partnerships are a necessity to the success of any real estate development, particularly the promising and sustainable projects such as the Qetaifan Island North project, which provides all the services and facilities that will make it a recreational destination that offers a whole new lifestyle.”
Sheikh Nasser bin Abdulaziz al-Thani said, “We are optimistic about this partnership and there’s no doubt that we will be working together to make this partnership a success, thus contributing to the success of the Qetaifan Island North project, which we seek as a team at all levels.”