Mr Seraj Al Baker, Chief Executive Officer of Mazaya Qatar Real Estate Development Company (QSC), participated in a panel discussion entitled ‘What is next for real estate in Qatar?’ at the Cityscape Connect Business Breakfast, which took place at the Ritz-Carlton in Doha on 14th September 2011.
The panel, which was moderated by Edd Brookes, Director and Head of Valuation at DTZ Middle East, also included John Rose, Development Director of Msheireb Properties; Craig Cowie, Head of Real Estate and Advisory at QInvest; and Salman Mahmood, Partner at Sultan Al-Abdulla & Partners.
The discussion primarily focussed on topics such as how to maximize tourism and hospitality market potential ahead of Qatar’s hosting of the 2022 World Cup; identifying new opportunities throughout the Middle East and North Africa in the aftermath of the Arab Spring; identifying under-served asset classes for development and investment opportunities; and market sustainability after the 2022 World Cup boom.
The panel conferred on the necessity of creating a meeting point between the government legislators, development companies and investors in order to set a strategic plan based on defined rules that would govern the real estate and urban planning projects for the near and far future.The growing progress in the areas of Wakra [near Doha] and Al Khor [near a major industrial zone]which are witnessing huge urban and constructional development was also a part of the discussion.
Speaking about the importance of the event, Al Baker said, “Qatar is a really exciting place to be living and working in right now. The Arab Spring really shook up the MENA real estate industry and altered market dynamics, while at the same time providing a wealth of new opportunities for real estate investors. Qatar’s winning bid for the 2022 World Cup has also had a significant impact on the country’s real estate sector, as there is much that needs to be accomplished over the next decade, which opens up many opportunities for investors and developers. However, it is vital that the focus not be too much on getting to 2022 and not enough on what happens afterwards. We need to make sure that development is sustainable, and that we are truly building for the future, and not just for a single event.”
He further added, “Many developers are already focusing on market sustainability after 2022, and the purpose of this Cityscape Connect Business Breakfastin Doha is to explore new opportunities, and to analyse Qatar’s current market, assessing new opportunities after the Arab Spring, the World Cup, and sustainability after 2022. Those attending will also have the opportunity to gain valuable insights from industry leaders while networking with professionals from all areas of the real estate industry, and examining what’s next for real estate in Qatar” he added.
Al Baker also stressed on the strategic importance of Qatar at the present time, and the multitude of investment opportunities in various sectors within the Qatari markets, stating that investors need to enter the Qatari market soon if they hope to benefit from these opportunities.
Mazaya Qatar has a portfolio of important architectural and professional civil engineering projects and mega-projects in Qatar, and is committed to making a difference in real estate development – taking it beyond mere development into a quality business that will help enhance the company’s position on the GCC and regional levels.2011 has seen the company start to carry out its expansion plans while also completing its existing projects. Mazaya Qatar’s impressive track record, strong financial position and signing of strategic long-term income guaranteed projects will help push the real estate sector towards recovery and create a brighter and more mature future.
