Qatari Diar launches subsidiary to develop Lusail

23 September 2008

Qatari Diar Real Estate Investment Company has launched a separate company to develop its flagship Lusail project.

Lusail Real Estate Development Company will be responsible for the development, construction and ongoing operations of the new city.

The new company will operate separately from Qatari Diar. It will be lead by chief executive officer Mohammed Bin Ali al-Hedfa, who will report to Ghanim bin Saad al-Saad, CEO of Qatari Diar.

The Lusail project covers 35 square kilometres and includes residential, commercial and retail areas. It will provide accommodation for 200,000 people, along with schools, hospitals and entertainment facilities.

Qatari Diar was set up by the Qatar Investment Authority in December 2004 to co-ordinate the country's real estate development.

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