As the world economy is rocked by the credit crunch and property markets in America and the UK collapse, Barwa property announce they are going to build a new city.
The QAR36 billion (or nearly 10 billion us dollars) project could be seen as either brave or foolish - time will tell which - although in all probability planning for the project began well before the present unfavourable economic conditions.
The project, which is being built to house 63,000 visitors and is located at Al Khor, will cover 5.5 million square metres of land and will contain shopping malls, souqs, leisure facilities, open gardens, a 13-storey business hotel and a golf course.
The eco friendly city, designed by Canadian architect Cansult Maunsell, will be named Urjuan. It's an appropriate name, for it refers to the purple die used by kings and emporers in the past - a die that was manufactured in an island of Al Khor, as the thousands of shells belonging to the sea snails crushed in the process can testify.
Since 2004 non-Qataris have been able to buy property in Qatar in certain designated areas. Normally this only includes long term leases, although we have been assured that investors can buy property outright in the Pearl. See Qatar Property for more information.
city property development