1 / 2 | The SmaiSma project is part of Qatar’s National Development Strategy 2024-2030, which aims to strengthen the national economy away from the fossil fuel sector. Rendering courtesy of Qatari Diar/PR Newswire
June 27 (UPI) — Qatar’s municipal and private sector leaders on Thursday announced the launch of a major tourism project aimed at diversifying the country’s economy and attracting more foreign investment.
Announced at an event in the capital, Doha, the SmySma project is the latest project by Qatar’s Ministry of Municipality and will be managed by Qatar Dir Real Estate Investment Company.
The project spans approximately 5,000 square miles along Sumay Suma Beach on Qatar’s east coast and will be an entertainment district for residents and tourists.
Investment opportunities include 16 tourism zones open for private development. The project will also include a large amusement park, an 18-hole golf course, villas, a yacht marina, and luxury restaurants and retail outlets.
Minister of Mutual Aid Abdullah bin Hamad bin Abdullah Al-Attiyah said the project symbolized the importance of public-private partnerships to build a “more prosperous and stable economically, socially and environmentally future for future generations.”
Qatar Diar CEO Ali bin Mohammed Al Ali said the SmaiSma project will continue Qatar’s economic growth trajectory.
“This project will set new standards for tourism in the region and write an exciting new chapter in Qatar’s ongoing success story,” he said.
Qatari Diar has 50 projects under development across 20 countries with a total investment of approximately $35 billion.
“Qatar’s real estate market is expected to be valued at $485 billion in 2024, attracting the most foreign direct investment after the energy sector,” Al Ali said. “The industry has experienced significant growth in recent years due to increasing demand for residential and retail space, rising visitor numbers, Qatar’s hosting of major events, and a developing business and trade sector.”
The Smaisma project will utilise the latest construction techniques, reduce unskilled labour and use environmentally friendly local materials.
The project is part of Qatar’s National Development Strategy 2024-2030, which was launched earlier this year.
The strategy aims to grow Qatar’s economy away from the fossil fuel sector and encourage foreign direct investment.
