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First Qatar Real Estate Development Company Invests in Hilton’s Project on Qatar’s “The Pearl”
April 9, 2014 4:10 by kippreport
At the International Hotel Investment Forum in Berlin, the First Qatar Real Estate Development Company (“First Qatar”) signed a management agreement for its property on the Pearl Island with Hilton Worldwide. In the next few years, First Qatar will be investing up to $ 390 million in the new hotel, which will be located on the artificial island “The Pearl“ Qatar. “This is the most significant investment to date in Qatar for our group,” says Ala Ramdan, Vice President of First Qatar, emphasizing the importance of the project. “With its successful track record in attracting tourism and Major Sports events, Qatar remains a very attractive market for us. The recent increase in commitment at The Pearl, driven by the new management of the UDC, has been a decisive factor that has encouraged us to increase our investment at The Pearl Qatar“, says Ala Ramdan.
Qatar Tourism Dominated by Business Travelers and MICE industry
With a share of 65 percent, business travelers shape the structure of tourism in Qatar. The MICE industry (Meetings, Incentives, Conferencing, and Events), the second strongest sector, has a share of 8 percent. Both sectors appeal to the “Hilton Doha The Pearl Residences, Qatar”. Surrounded on two sides by water and a sandy beach, and located only 12.4 miles from Doha International Airport, the Hilton Doha The Pearl Residences provides private and business travelers the ideal opportunity to garner new strength be they short-term or long-term stays.
Booming Doha International Airport as Generator for Hotel Guests
Ala Ramdan: “In 2012, 21 million people had already passed through Doha International Airport and the trend continues uninterrupted: In 2014, Hamad International Airport will open and passenger numbers for Doha are expected to rise to 30 million.”
Sporting Events with Global Significance
The hosting of high-profile sporting events has become almost a tradition in Qatar. Ala Ramdan: “Thanks to its experienced Qatar Olympic Committee, Qatar has positioned itself to be able to host major sporting events. This commitment has most significantly culminated in hosting the 2022 FIFA World Cup, which will bring an expected 3.5 million visitors.” Simultaneously, Fahad K. Al-Ghunaim, Chairman & CEO, First Qatar said: “Our alliance with Hilton Worldwide combines the property development expertise of First Qatar with the famous quality and service standards from one of the industry’s best known, global hospitality company’s. Together we will develop a property with the right balance of quality facilities and high service standards designed to appeal to Qatar’s growing numbers of leisure and business travelers.”
With its 445 rooms the Hilton Doha The Pearl Residences is the largest hotel in the Hilton Group in Qatar and one of the largest in the Middle East region. First Qatar is consequently continuing its expansion strategy in Qatar and the GCC region and will consider investments in the future in mature markets such as Europe.