Factbox: Lusail City Development by LRECD, Qatar

UPDATE 1-Qatar's Barwa Real Estate Q3 net profit jumps

• Email
• Facebook
• Twitter

Tue, Oct 23 02:05 AM EDT BRIEF-Qatar's Barwa Real Estate 9-month net profit falls - statement Tue, Oct 23 01:08 AM EDT DUBAI, Oct 23 (Reuters) - Barwa Real Estate Co : * Qatar's Barwa Real Estate 9-month net profit 779.1 million riyals versus 833.3 million riyals year-ago - statement * Q3 net profit 185.4 mln riyals vs 80.8 mln yr-ago * Profit boosted by gain on investment properties * Barwa is looking at asset sales to repay loans (Adds details) DUBAI, Oct 23 (Reuters) - Barwa Real Estate, Qatar's largest listed property developer, said third quarter net profit more than doubled, as gains booked on the fair value of investments offset higher operating and finance costs. Barwa, which is eyeing asset sales worth $4.4 billion to pay down loans, made a net profit of 185.4 million riyals ($50.92 million)in the third quarter, compared with 80.8 million riyals in the same period of 2011, it said in a bourse filing on Tuesday. The profit was boosted by net fair value gain taken on investment properties, which soared to 125.3 million riyals from just 20.4 million riyals in the prior year period. This offset increase in operating expenses which nearly doubled to 119.8 million riyals in the quarter and finance costs that grew three times to 125 million. Barwa is 45-percent owned by Qatari Diar, the property arm of the country's sovereign wealth fund, the Qatar Investment Authority. It has properties in France, Switzerland and the United Kingdom and focuses on retail, office, hospitality and residential developments. Total revenue and gains for the quarter was 527 million riyals compared with 359.7 million riyals a year ago, the company's statement showed. Earlier this month, Barwa said it plans to sell assets worth 16 billion riyals ($4.4 billion) in Qatar and Egypt to pay down loans. The assets being sold include land in the Gulf Arab state as well as the Barwa New Cairo project in Egypt and will be reflected in fourth-quarter results. The company also laid off laid off about 90 employees in a restructuring move last year. In May, Barwa's chief executive said it planned to launch an 18 billion riyal mixed-use Golf City project ahead of the 2022 World Cup soccer tournament. Located within the planned coastal Lusail City north of the capital Doha, the project will include 4,000 residential units and a golf course, and is expected to be ready by 2018, group CEO Abdulla al-Subaie said. It will be financed through a combination of off-plan sales and subdevelopment. Barwa shares have fallen 3.5 percent year-to-date on the Doha bourse. ($1 = 3.6410 Qatar riyals) (Reporting by Praveen Menon; Editing by Dinesh Nair) == Bombardier may build train plant in Qatar Wed, Oct 19 04:18 AM EDT * Company poised to set up train plant in Qatar * Bidding for $1.8 bln Lusail Light Rail project * Considering bid for $41 bln Doha Metro project DOHA, Oct 19 (Reuters) - Canadian train maker Bombardier , a unit of the world's third-largest civil aircraft maker, is set to build a plant in Qatar if it wins a billion-dollar rail contract it is bidding for, a company executive said. The company is bidding for the $1.8 billion Lusail Light Rail Project, a planned rail system linking parts of Qatar's yet-to-be-built Lusail City, director of marketing and business development Mickey Raviv said, declining to disclose the value of Bombardier's proposal. "If we do win the project, we will build an assembly plant here for the vehicles. The government here can offer many incentives to manufacturers able to set up here, such as free land, taxation. These incentives are quite attractive," Raviv said. Raviv said the plant would take about six to eight months to assemble, and would be done during the project's design process so as to not delay delivery. He said the company was also considering bidding for the $41 billion Doha Metro project, a planned four-line rail system linking stadia for the 2022 World Cup and expected to go to tender in the first quarter of next year. The firm is also awaiting a decision about whether it can submit another tender for the $1.4 billion West Bay Automatic People Mover, which was canceled last week but kept the door open for another bidding opportunity. "We assume they are just cancelling the technology they chose three years ago, which is an underground people mover. They might retender it in a different way," he said. Raviv said he expects a decision on the Lusail Light Rail project by the end of this year, but that there are indications it may be delayed until early 2012. "Qatar is a prominent market, but there is no experience yet in terms of rail projects. It's not rare that you'd see delays. It happens also in big countries with lots of experience." The tiny Gulf Arab state, which last December won the rights to host the 2022 soccer tournament, has allocated 40 percent of its budget between now and 2016 to infrastructure projects, including $45 billion on rail projects. It will also spend $11 billion on a new international airport, $5.5 billion on a deep-water seaport and $1 billion for a transport corridor in the capital, Doha. ========== News Corp out of race for Turkey's ATV TV-sources Thu, May 24 04:12 AM EDT By Seda Sezer and Asli Kandemir ISTANBUL, May 24 (Reuters) - Rupert Murdoch's News Corp has dropped out of the race to buy ATV television from Turkish group Calik Holding, but Time Warner Inc and Dubai-based Abraaj Capital remain interested in bidding, sources close to the process have told Reuters. Calik, which also has interests in energy and finance, appointed Goldman Sachs in January to manage the sale of a controlling stake in its entire media unit, which includes the Sabah newspaper and is partly owned by Qatar. But while the ATV-Sabah unit could be worth over $1 billion, ATV and Sabah were also being offered separately, sources close to the process said in February. "Only Abraaj and TNT (Time Warner) are left in the process. They are only negotiating over the television," one of the sources said on Thursday. "Abraaj wants to buy a majority stake but they want Calik to still have some shares, while TNT wants the whole in a deal in which the Qataris will keep their stake," he added. A unit of the Qatar Investment Authority, Lusail International Media Co, owns a 25 percent stake in ATV-Sabah, according to Calik's website. News Corp, Time Warner, Abraaj and Calik all declined to comment. The Qataris are not selling their stake, the sources said previously, which means they would have to be involved in any move to separate out the TV and newspaper businesses. However, the sources said it was possible the sale process could also fail due to the declining value of media assets, the time it would take to earn a return on the investment and concerns about political influence on the media in Turkey. News Corp already owns Fox TV in Turkey and Murdoch told Prime Minister Tayyip Erdogan at a meeting late in March that News Corp aimed to increase its investment in the country, according to government sources. Calik Holding paid $1.1 billion in 2007 for ATV-Sabah, one of Turkey's largest media groups. Ahmet Calik, chairman of the holding company, is regarded as close to the ruling AK Party's leadership, and that deal gave the socially conservative, economically liberal government an influential friend in the media. Erdogan's son-in-law, Berat Albayrak, is the chief executive of Calik Holding, and his brother Serhat Albayrak is the general manager of the media unit. ========== Samsung awarded two contracts for Qatar's Lusail City Sun, Apr 08 10:55 AM EDT DOHA, April 8 (Reuters) - Qatar's Lusail Real Estate Development Company (LREDC) has signed two agreements with Samsung C&T Engineering and Construction Co, a subsidiary of Samsung Group, to build bridges, highways and electricity plants. The first package consists of the building of six bridges, including two suspension bridges. The second package will include the construction of highways, underground motorways and electricity distribution plants on Lusail City's planned Qetaifan Islands, LRECD said in a statement Sunday. It did not give the value of the deal or a timeline on the projects which are part of Qatar's planned Lusail City development. (Reporting By Regan Doherty, Editing by Mike Nesbit) ============ UPDATE 1-Vinci wins construction contract in Qatar Wed, Aug 03 12:36 PM EDT * Contract worth 374 mln euros * Qatari unit of Qatari Diar and Vinci wins the contract (Adds details from statement) PARIS, Aug 3 (Reuters) - The Qatari sovereign wealth fund's property investment arm Qatari Diar and France's Vinci have won a 374 million euro deal as part of a Light Rail Transit System project in the new city of Lusail, near Doha. QDVC, which is 51 percent owned by Qatari Diar and 49 percent by Vinci Construction Grands Projets landed the contract, Vinci said in a statement. The deal notably covers civil engineering works in eight underground stations and the construction of a viaduct over the motorway between Doha and the northern part of the country (Reporting by Dominique Vidalon; Editing by Will Waterman) ======== Al Jaber wins Lusail City highways contract . By Andy Sambidge Monday, 8 October 2012 5:30 PM Lusail City, which will have 200,000 residents and capacity to accommodate twice that many people, is scheduled to be completed by 2019 Lusail Real Estate Development Company (LREDC) on Monday said it has awarded a contract for highways and associated utility networks for Qatar's Lusail City. The deal has been awarded to Al Jaber & Partners (AJP), the company said in a statement without disclosing the value of the contract. Lusail City aims to attract 80,000 visitors, 200,000 residents and 170,000 workers. With 37 sq km of waterfront land that will be divided into 19 mixed-use districts. Essa Mohammed Ali Kaldari, CEO of LREDC, said: "I am extremely proud to oversee one of the world's most visionary single developments. Lusail City represents the hopes and aspirations of the people of Qatar. "The new extension to Doha is a meticulously planned urban development unlike anything seen before." He added that the Al Jaber & Partners contract is set to be completed within 18 months. The project's scope of work includes the construction of highways, highway structures, intersections and utility networks. Mohammad Jawhar, Al Jaber & Partners managing director, said: "We are delighted to be awarded a second project at Lusail. We are very proud of the exceptional safety record we achieved for the first project we completed." Last month, LREDC said it has completed infrastructure on the first phase of the flagship development and has begun handover of plots to investors. The arm of Qatar’s sovereign wealth fund said the 1.8m sqm Marina District would be the first of 19 districts at the Lusail City development. Marina District will be home to an estimated population of 30,000 residents and 50,000 workers and will be serviced by a light-rail transit network that will connect to the rest of Lusail city and underground stations. Lusail City, which will include man-made islands, an entertainment district, an office park for energy companies, a golf course and five stadiums, is slated for completion by 2019. ============ Qatar’s Lusail City starts first phase handovers The Master developer at Lusail City – Qatar’s largest real estate project – has completed infrastructure on the first phase of the flagship development and has begun handover of plots to investors. When fully complete it will include waterfront residential units, mixed-use, commercial, and hotel spaces with large open areas leading to the waterfront promenades. LREDC has now begun infrastructural work at the Fox Hills district, a 1.7m sqm area designed for medium density inner-city residential neighbourhoods. German consultancy firm Dorsch Gruppe was awarded a contract for construction supervision consultancy services at the project, it was announced in April. ========== Lusail to complete Qatari city in 10 years By Bloomberg Wednesday, 15 September 2010 11:19 PM NEW CITY: Lusail City, which will accommodate 200,000 people, will be in place by the third quarter of 2015.(Getty Images) Lusail Real Estate Development Co, an arm of Qatar’s sovereign wealth fund, expects construction of its new residential district north of the capital Doha to be completed within a decade. Infrastructure for Lusail City, which will accommodate 200,000 people, will be in place by the third quarter of 2015. Its buildings and homes, most being constructed by outside developers, may be finished five years later, Magdy Youssef, a company director, told reporters in Doha today. Lusail City was first announced five years ago. Rental prices for Qatari commercial and residential real estate fell 20 percent to 30 percent last year, according to property adviser DTZ Research, as new units entered the market and demand dropped following the world financial crisis. On the development from the real estate slowdown, Youssef said: “At the moment, there is no impact.” The population of the emirate, which became the world’s biggest producer of liquefied natural gas in the past decade, has more than doubled in six years to about 1.6 million people, according to government figures. It’s expected to grow by a further 1 million during the Lusail construction, Youssef said. The International Monetary Fund forecasts that Qatar’s economy will expand 19 percent this year, faster than any other country. Youssef spoke as representatives of the Federation Internationale de Football Association toured Qatar to evaluate the country’s bid to host the 2022 World Cup soccer tournament. Lusail’s infrastructure will cost $7.4 billion. A total of 75 percent of the city’s land has been sold to developers so far, Youssef said. The district will include 37 square kilometers (14 square miles) of residences, offices and hotels, as well as three marinas and an offshore island with 500 villas, Youssef said. Lusail plans to develop four high-rises in the centre of the city, Youssef said. Work on one of the towers, which will have 55 floors, will begin next year. Citizens of Gulf Cooperation Council countries can own properties in Lusail, while others can lease them for 99 years, Youssef said. Lusail Real Estate is part of Qatari Diar Real Estate Investment Co, the development arm of Qatar’s sovereign wealth fund. ========= Qatari Diar in talks over Vietnam investments

• Email
• Facebook
• Twitter

By Andy Sambidge Wednesday, 30 September 2009 10:01 AM VIETNAM LINK: Qatari Diar is in talks with officials regarding possible investment opportunities in Da Nang City. Qatar's property investment arm is in talks to explore opportunities in Da Nang City, Vietnam, officials from both countries confirmed in a statement on Wednesday. Qatari Diar CEO Ghanim Bin Saad Al Saad said Vietnam was "central to Qatari Diar'S continual expansion and delivery of world beating developments" following discussions with an official delegation from the country's Communist Party. The delegation headed by the central committee member NguyenBa Thanh, visited the Lusail headquarters of the real estate investment company. The visit focused on detailed discussions exploring investment opportunities in Da Nang City, a statement said, adding that talks will be ongoing between officials from Qatari Diar and Da Nang City. Thanh said: "I believe in the prosperity of Qatar and its influential voice in the region and hope that relationships between the State of Qatar and the Socialist Republic of Vietnam will be further developed in the future." In March it was reported that Qatar and Vietnam were in talks about setting up a $1bn fund to invest in sectors including agriculture and tourism. Qatar Rail awards QR30bn deals Thursday, 06 June 2013 DOHA: Qatar Railways (Qatar Rail) announced awarding of four ‘design and build’ (D&B) contracts worth a whopping QR30bn ($8.24bn) for Phase-1 of the ‘Doha Metro Project’, a press statement said yesterday. These four D&B contracts for the first phase of Qatar’s ambitious metro rail include Red Line North (RLN), Red Line South (RLS), Green Line (GLN) and Major Stations (MS). The Red Lines will connect Hamad International Airport with Qatar University via Al Matar, Musheireb, Corniche, West Bay, Katara Cultural Village, Lusail; while the Green Line will connect Musheireb Downtown with Al Rayyan Stadium via Qatar National Convention Centre and Education City. These contracts are being seen as a milestone in the development of Qatar Rail Development Programme, with the construction of Phase-1, scheduled to begin later this year, and expected to be completed by 2019. The RLN project has been awarded to a consortium led by Impregilo SPA, and comprising SK Engineering & Construction Co Ltd, and Galfar Al Misnad Engineering & Contracting Co. The RLS project went to a consortium led by QDVC and includes GS Engineering and Construction Corp, and AI Darwish Engineering. The contract for the GLN has been bagged by a consortium led by PORR Bau GmbH and includes the Saudi Binladin Group Company Ltd and Hamad bin Khalid Contracting Co. The contract to build Major Stations which include two key stations (one at Msheireb and the other at the Education City) has been awarded to a consortium led by Samsung C&T Corporation and comprises Obrascon Huarte Lain SA (OHL) and Qatar Building Company. According to Qatar Rail, the tenders witnessed high competition which enabled Qatar Rail to get competitive bidding. “There are 20 consultancy companies working on these vital projects under the supervision of Qatar Rail which has succeeded in engaging Qatari contracting companies in all consortiums of the awarded contracts,” said the statement. Once operational the ambitious ‘Doha Metro’ will be one of the most modern rail networks in the world. The scope of work for the RLN comprises the design and construction of 13km twin bored tunnel, including seven underground stations. The tunnels will be built at an average depth of 20 metres below ground. Similarly, the scope of RLS contract comprises the design and construction of 13.8km twin bored tunnel at an average depth of 25 metres below ground with six underground stations. The maximum depth point will approximately reach 50m below ground level. The GLN will have eight underground stations, in addition to a 16.6km twin bored tunnel. The rail tunnels will be built at an average depth of 20 metres below ground, while Major Stations are a standalone package to focus efforts for what is considered to be the two key stations for the whole integration of the Metro project. The Peninsula ==================== Hyder Consulting contributes to success of MEED Qatar Transport Conference 2013 Qatar: Wednesday, June 05 - 2013 at 09:23 Riyadh metro's ultra-modern designs revealed » DHL named Official Logistics partner of Formula 1 » Abu Dhabi introduces new bus routes » Qatar mulling restrictions on driving licences for... » The recent MEED Qatar Transport conference explored the opportunities associated with Qatar's $70bn transport investment programme. The conference, encompassing a Traffic Management Focus Day and broader transport discussion, saw valuable input from Hyder on a variety of topics, including: rail infrastructure, roads, drainage and strategic highways. Much discussion focused on Qatar's long-term infrastructure requirements moving forward, to meet the Qatar National Vision 2030 and in time for the FIFA World Cup 2022. A host of topics were explored, ranging from intelligent transport systems, road drainage requirements, to air and maritime ports in Qatar, together with updates on focal projects such as the Lusail City Development (presented by Keynote Speaker Mr. Waleed Al Saadi). The Traffic Management Focus Day was chaired by Sameer Daoud, Managing Director of Hyder's Transport and Infrastructure sector, and involved a comprehensive analysis of key elements pertaining to roads and traffic in Qatar which stimulated informative discussion and debate. The conference's second day saw Geoff Leffek, Hyder's Regional Rail Director, participate in the 'Rail Roundtable' panel discussion. General regional and company discussion was followed by more technical analysis, tackling issues such as procurement and rolling stock, asset management, recruitment and intelligent transport systems in the rail sector. Hyder's involvement in the conference concluded with a presentation made by John Spiers, Project Director and Member of the company's Executive Board, on the development of Qatar's roads and expressways. Integrated interfacing and logistics planning was explored by way of reference to the Singaporean model, and was then applied to Doha. Implications for utilities and safety were considered, and attention given to surface water runoff and landscaping; with a closing summary of the challenges facing Qatar's transport network. Sameer Daoud, Managing Director Transport and Infrastructure, said: "The MEED Qatar Transport conference provided Hyder with a great opportunity to meet with experts from across the industry. We were delighted to contribute to such a successful event and to be part of the discussion about Qatar's transportation infrastructure which is so crucial to the success of the country's ambitious development plans. Later this year, Hyder will celebrate its half a century presence in Qatar and we are proud to support our Qatari clients in achieving their goals." ========== Barwa to build $ 5.5 billion island off the coast of Doha . | | A A REUTERS Tuesday 28 May 2013 Last Update 28 May 2013 12:29 am . DOHA: Qatar has unveiled plans to build a $ 5.5 billion island off the coast of Doha with floating hotels to house soccer fans expected to flock to the country for the World Cup in 2022. Plans for Oryx Island, which would feature luxury villas, a water park, and five floating hotels using cruise ships, were unveiled by Qatari developer Barwa Real Estate, part-owned by Qatar’s sovereign wealth fund. The hotels would be able to house as many as 25,000 soccer fans, Barwa CEO Abdulla Al-Subaie said at the sidelines of a real estate conference in Doha. Demand for residences and hotel rooms are expected to increase in the state as projects for the 2022 World Cup tournament come on stream. Qatar, the world’s top liquefied natural gas exporter, has allocated 40 percent of its budget to 2016 to infrastructure projects. “We anticipate that there will be a short-term demand for hotel rooms, so maybe it is not wise to offer all these hotel rooms for only a short time,” Subaie said. “Oryx Island can accommodate 20,000 to 25,000 people. Cruise ships can be docked for one week, two weeks. It can be mobilized and demobilized for a short time.” Oryx Island will cost 20 billion riyals ($ 5.5 billion) to build, he said, adding that the project was only in the conceptual phase. Subaie said the company had agreed to sell one million square meters of land to Qatar’s 2022 Supreme Committee to build Lusail Stadium, where the closing match of the tournament will take place. Barwa, the Gulf state’s largest listed property developer, has properties in France, Switzerland and the United Kingdom and focuses on retail, office, hospitality and residential developments. Last year it announced plans to launch a $ 4.9 billion mixed-use Golf City project in its coastal Lusail city development, which will house 4,000 residential units and a golf course. The company has no plans to issue any bonds this year, he added. =============