Qatar Islamic Bank and Ministry of Awqaf Execute Real Estate Project Worth QR54 Million

Strategic Insights -

Qatar Islamic Bank and the Public Administration Department of the Ministry of Awqaf and Islamic Affairs have collaborated on a significant real estate project, valued at QR54 million. This large-scale initiative, foreseen as one of the Ministry's biggest projects for the 2011 to 2012 financial year, involves the construction of four residential buildings, comprising 84 flats. Situated in the Bin Mahmoud Area, behind Suhaim bin Hamad Street, the seven-storey buildings will be completed within a 20-month timeframe and funded by Qatar Islamic Bank.

Key Takeaways:

  • The real estate project, valued at QR54 million, is one of the largest projects undertaken by the Public Administration Department of the Ministry of Awqaf for the 2011 to 2012 financial year.
  • The project involves the construction of four residential buildings, featuring 84 flats, on a 3,412sqm plot in the Bin Mahmoud Area.
  • The buildings will be constructed over a 20-month period and funded by Qatar Islamic Bank.
  • The residential units will be provided for rent at reduced rates compared to market prices.
  • Director of the Public Administration of Awqaf, Abdullah Al Dosari, highlighted the project's significance, stating it is the first of nine projects planned in the current budget period, leveraging the favorable economic climate and low construction costs.
  • The Ministry aims to focus on real estate projects that align with its vision, as these investments support societal objectives and provide a stable source of income.

Statistics:

  • QR54 million: The value of the real estate project executed by Qatar Islamic Bank and the Public Administration Department of the Ministry of Awqaf.
  • 84 flats: The number of residential units within the four buildings to be constructed.
  • 3,412sqm: The area of the plot allocated for the construction of the seven-storey buildings.
  • 20 months: The timeframe for the completion of the construction project.
  • 9 projects: The number of projects planned by the Ministry of Awqaf within the current budget period.

Sources:

  • 2011 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company