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Dubai: Abu Dhabi Investment House (ADIH) and Majid Al Futtaim Group yesterday said they have signed a memorandum of understanding to build elements of Qatar Entertainment City at a total cost of about $1.5 billion (Dh5.5 billion).
The MoU consists of two agreements to build over 50 per cent of Qatar Entertainment City, a mixed-use development being built in Lusail, Qatar.
The waterfront development comprises three components: residential, retail and entertainment and they are divided into five districts: downtown (urban environment), boardwalk (waterfront), the North Shore (apartments and hotels with waterfront view), the South Shore (hotels, villas and retail with a waterfront view), and The Villas (exclusive residential villas).
The partnership adopts a phased approach, with the agreement being implemented in two phases in separate precincts.
The two phases of the "downtown" area comprise developing and operating the retail and entertainment elements as well as developing and selling residential and retail components in the areas to the north and south of the development's main canal.
The downtown plots that are being built in the two precincts form the town centre of both Qatar Entertainment City and Lusail. Once developed, this area will become the destination hub for entertainment, retail and hospitality in Qatar and the region.
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The downtown area will be linked to the coast via water taxis and will feature cinemas, auditoriums and public family entertainment attractions and spaces.
Qatar Entertainment City is the first project being implemented under the "Entertainment City" concept.
The project is a holistic, fully integrated family entertainment destination covering one million square metres of development and 180,000 square metres of international leisure, retail entertainment and restaurants situated in a waterfront location.
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