Qatar Investment Authority’ real estate arm Qatari Diar will construct a $350 million community between Ramallah and Nablus on the Palestinian West Bank.Qatari Diar said the town of Rawabi will comprise 5000 affordable houses, and host over 40,000 residents. Rawabi will be Palestine's first planned community, with construction phases spanning a 5-year period.
The project will be developed and managed by Bayti, which is owned by Qatari Diar and Palestine-based Massar International.
Story continues below ↓
Qatari Diar CEO Ghanim bin Saad Al-Saad said in a statement the firms were “committed to the advancement of the Palestinian economy and the welfare of the Palestinian people”.
“Building Rawabi will create thousands of job opportunities as well as the chance for ordinary Palestinians to own their own home," he said.
Rawabi would provide housing for young Palestinian families as well as Palestine's growing class of single male and female working professionals, he said.
The site for the new community is situated 9 kilometres north of Ramallah, an area currently under the control of the Palestinian Authority.
Rawabi's residential areas will be constructed around a central commercial area, which will feature a pedestrian promenade for shops and restaurants.
Capitalized at $1 billion, Qatari Diar has 18 real estate projects underway, including Qatar’s Lusail project, an eco-tourist resort in Oman, and developments in Seychelles and Cuba.
loading...
No comments:
Post a Comment