Press Release (ePRNews.com) - DOHA, Qatar - Mar 03, 2016 - The cost of building Mall of Qatar has increased by $660 million, according to the latest details available on the project.
The cost of building Doha’s largest mall was said to be $820 million (QR3 billion). However, in a release issue in the past week, UrbaCon Trading & Contracting said the cost of the new mall is now $1.48 billion (QR5.4bn).
A spokesperson for developers said that the extra $660 million being spent on the development was due to the addition of a 201-key 5-star hotel, managed by Hilton under the name of Curio, and an addition to the mall for the entertainment section.
“Estimated to open in the second or third quarter of 2016, the total development cost of the project is QR5.4 billion, including land, mall, hotel, all related services,” said Moataz Al Khayyat, CEO of UrbaCon.
Shem Krey, managing director of Mall of Qatar, confirmed last week that the delay until the end of the third quarter of 2016 was to allow more time for the tenant fit out. The mall was originally due to open in the first quarter of 2016.
The mall recently signed a leasing agreement with MH Alshaya Co, a leading retail franchise operator, to open more than 30 stores and restaurant outlets in the Mall.
Alshaya’s brands will occupy around 18,000 square metres of the mall, and will include Mothercare, H&M, Debenhams, Victoria’s Secret, Starbucks and The Cheesecake Factory.
“Qatar is an important and growing market for us and we are very pleased to partner with Mall of Qatar to expand the range of retail, café and dining choices that we can offer to customers,” said John Hadden, senior vice president, Retail Property for Alshaya.
“With more than 70 leading international brands in Alshaya’s portfolio, we look forward to bringing traditional favourites, exciting new brands and outstanding new-look stores to this significant new addition to Qatar’s retail scene.”
Shem Krey, managing director of Mall of Qatar, said: “The endless list of top lifestyle brands and popular eateries that Alshaya will open in the mall will help to make it one of the biggest draws in the region as a lifestyle destination that has it all – where shoppers can soak up the very best in retail, leisure and entertainment all under one roof.”
UrbaCon Trading & Contracting has been involved in several huge projects over the last few years and has become one of the most respected building contractors in Qatar. In addition to the Banana Resort, the company was also involved in the development of the Mall of Qatar, the Sheraton Doha Hotel and Convention Centre, and the Lekhwiya Stadium at Al Duhail.
CEO Mr. Mohamed Moataz Al Khayyat | Mohamed Moataz Al Khayat | Moutaz Al Khayyat |
UrbaCon Trading and Contracting
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