Qatar launches the Simaisma Project mega entertainment district
14/07/24
Qatar`s Ministry of Municipality recently launched the Simaisma Project, an initiative to be developed in line with Qatar’s National Development Strategy 2024-2030.
The development of the groundbreaking entertainment district will be led by Qatari Diar Real Estate Investment, who currently manage over 50 ongoing projects across 20 countries with a cumulative investment value worth QAR 127 billion (USD 35 billion).
The Ministry of Municipality project is set to become a new cultural landmark in the State and will span over 8 million square metres, featuring a 7 kilometre waterfront that stretches over Qatar’s eastern coastline north of the town of Simaisma, approximately 40 kilometres from Doha. It is expected that the mega entertainment district will contribute to growing the tourism and entertainment sector and establish a new benchmark to meet the rising demand in this crucial industry in line with the Qatar National Vision 2030.
Most importantly, the project opens diverse investment avenues for the private sector, with over 16 dedicated plots available for development and investment in tourism infrastructure. These include luxury resorts spread across four distinct areas, a theme park, a world-class 18-hole golf course, residential villas, a yacht club and a marina, as well as restaurants and shops. Such attractions will be designed to attract both locals and international visitors. It is a further indication that the broader Qatari real estate sector, valued at approximately QAR 1.76 trillion (USD 485 billion) in 2024, is actively targetting foreign direct investment.
Further collaborations are available for innovative Qatar or foreign based companies who are interested in fostering and developing public and private sector partnerships. Furthermore, the project will rely on sustainable construction and operation methods, incorporating cutting edge smart systems and innovative technologies while prioritising the use of locally recycled materials.
Contact Business Startup Qatar to understand more about the exciting opportunities connected with the Simaisma Project.
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