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Ozan Benlioglu, Head of Investments, Khaleeji Commercial Bank, Bahrain; Abdulla Showaiter, Board member; Silvan Varghese, Acting CEO & COO, and Mahdi Abdulnabi Mohamad, AGM of the bank and Director of Jawhara Greens Company, during the press conference held at the W Hotel yesterday.
By Fazeena Saleem
DOHA: Al Jawhara City, an emerging urban enclave in Lusail, will soon have a state-of-the-art medical facility, most probably developed by a leading international healthcare provider. The infrastructure project being built by Bahrain’s Khaliji Commercial Bank, is likely to be given to an Indian or European healthcare provider.
“Two international hospitals from India and Europe have approached us and we are in process of identifying the developer,” said Ozan Benlioglu, Head of Investments, Khaleeji Commercial Bank, speaking to the media yesterday following the official launch of their marketing campaign in Qatar at the W Hotel.
Al Jawhara City plans its 35,000 sq metre healthcare centre with wide range of services such as outpatient centre, paediatric centre, combined medical centre, diagnostics centre, ambulatory surgical centre, surgical clinic, dialysis centre, treatment centre for diabetes, obesity treatment, lipids and wound care, medical spa, aesthetic surgical centre and an ophthalmology surgical centre.
Al Jawhara, which aims to provide its residents a full, mixed-use development with all the facilities of any modern city, in addition to the medical facility, will have a school for over 2,000 children.
“There is a waiting list and huge demand for schools, two international schools, one with the American curriculum and another with British curriculum has approached us,” said Benlioglu. He also explained that according to a market study, Khaliji Bahrain Bank in Bahrain initially allocated a major space for the medical facility but with the demand it has been shifted for the school.
There will also be low rise apartments and residences for over 10,000 residents overlooking the plush green walkways, retails, a traditional souk, a mosque, and a 146-room, four star hotel.
The $22m infrastructure with 26 plots is likely to be completed by July 2013 and Khaleeji Commercial bank is expecting a 20 to 30 percent profit from the project. “We will finish the infrastructure according to the master plan and potential developers will be building and managing the facilities,” said Benlioglu.
“As a bank we might help them financially if required,” he added.
As one of Qatar’s few freehold projects, Al Jawhara City is considered as an investment opportunity providing the prospective investor the first mover advantage on a very unique property.
“The Qatari market has shown clear signs of recovery in early 2012. The value of projects in the country has grown at a compound annual growth rate (CAGR) of 40 percent between 2005 and 2011, said Abdulla Showaiter, a board member of Khaleeji Commercial Bank. “The impact of the forthcoming 2022 World Cup has been positive on Qatar’s estate market and will continue. General stabilisation and moderate growth across office, residential, hotel and retail sectors have occurred and the property sector has been particularly boosted by the government investments on infrastructure,” he added.
Al Jawhara project started its on its development in March after gaining its approval from Qatari Diar, the government arm mandated to oversee the development of Lusail.