Qataris open door to property opportunities

One of Qatar’s leading real estate companies is eyeing up Vietnam. Vietnamese ambassador to Qatar Le Hong Phan was quoted by Qatar’s Gulf Times that negotiations with Doha Qatari Diar Real Estate Company were progressing to establish various multi-purpose facilities, including residential and commercial projects and some hotels in Vietnam through joint ventures.

“There have already been agreements on mutual co-operation and steps are being taken to work on the projects,” Phan said.

From Doha, Phan confirmed the news with VIR in Hanoi, adding that he saw the great potential from Qatari investors in the Vietnamese market. According to the Gulf Times, Qatar was planning to invest up to $4 billion in projects in Vietnam, including setting up of a labour centre to train workers before they travel to new jobs in the Gulf, as well as a range of other economic and cultural projects.

“Qatari Diar is undertaking various real estate development projects in joint ventures with local governments in Vietnam. This would dramatically increase the number of Vietnamese workers coming to Qatar,” he said.

Qatari Diar Real Estate Company was established in 2005 by the Qatar Investment Authority, the sovereign wealth fund of Qatar.

In November 2009, Qatari Diar reached another significant milestone in its history with the establishment of the Qatar Railways Development Company.

Parallel to its significant infrastructure developments within Qatar, the company has been committed since its founding to bringing the Qatari Diar vision, one for real estate that improves quality of life and contributes to the community onto the international stage.

According to company’s website, as of January 2012, Qatari Diar is capitalised at $4 billion and has more than 49 projects under development or planning in Qatar and in 29 countries around the world with a combined value of over $35 billion.

Apart from the real estate sector, a labour training centre will be established in Vietnam to equip the workforce for undertaking jobs in Gulf Co-operation Council countries.

 “Still, the number of the Vietnamese labour force in Qatar is very modest that now amounts to about 500 persons. However, the number is increasing year after year,” Phan said.

Currently Qatar is involved in a $4.5 billion petrochemical project in Vietnam with 25 per cent of the total shares while Qatar Airway also added Vietnam into its destinations since 2011.