On Thursday, Qatari Prime Minister and Minister of Foreign Affairs Mohammed bin Abdulrahman bin Jassim Al Thani launched the Smaysima project, which is the latest initiative by the Ministry of Municipality, managed by Qatari Diar Real Estate Investment Company, with an investment of 20 billion Qatari Riyals, covering an area of 8 million square meters.
Municipality Minister Abdullah bin Hamad bin Abdullah Al Attiyah emphasized the importance of collaboration and close cooperation between partners in the public and private sectors to enhance and continue the growth witnessed in Qatar, according to Qatari News Agency.
He explained that the project represents a new addition to Qatar’s significant development journey, noting that the country has made substantial strides in executing large-scale infrastructure projects aimed at fulfilling its national vision, making it one of the leading countries today due to its diverse investments.
The Minister pointed out that the Smaysima project will rely on three main pillars, primarily reducing unskilled labor by adopting smart systems and technology in construction, utilizing locally sourced environmentally friendly materials, and encouraging private sector participation and attracting foreign investment.
Meanwhile, the CEO of Qatari Diar, Ali bin Mohammed Al Ali, stated that the real estate sector in Qatar, valued at approximately 485 billion dollars in 2024, ranks second after the energy sector in attracting foreign direct investments. He noted that the real estate sector has seen steady growth in recent years, driven by increased demand for residential and commercial properties, substantial tourism growth, Qatar hosting major events, and the expansion of the business and trade sectors.
In the same context, the CEO of Qatari Diar confirmed that the project area spans 8 million square meters of infrastructure, with over 80% being a partnership with the private sector, and around 650,000 square meters allocated for global entertainment parks.
He highlighted that the partnership with the private sector will provide a significant opportunity for investment in this area alongside Qatari Diar, which manages the project and will create job opportunities in all its phases, from construction to operation, in addition to enhancing economic diversification, particularly in the tourism sector.
The project presents a promising investment opportunity for the private sector, comprising more than 16 plots of land for private tourism, including resorts distributed across four areas based on character and use, alongside a massive amusement park, an international golf course featuring 18 holes, residential villas, as well as a luxurious marina for yachts, restaurants, and upscale retail shops.
Sustainability is a fundamental pillar of the project, focusing on smart systems, the use of local and recycled materials, and leveraging the latest construction technologies.
The integrated tourism project is a significant step toward achieving the ambitious goals of the Third National Development Strategy (2024-2030), launched at the beginning of this year, which aims to enhance the contribution of the non-oil sector to the Qatari economy and empower the private sector.
It also aims to encourage foreign direct investments, as the project provides promising investment opportunities for real estate development and tourism investment companies, contributing to the development process and diversification of the national economy’s resources.
It is noteworthy that Qatari Diar owns 50 investment projects under development in 20 countries worldwide, with a total investment value of 35 billion dollars.
