The complex is being built on a 433, 847m2 plot, which includes a 260,000m2 gross leasable area, the largest in Qatar.
The first phase, IKEA, part of the Al-Futtaim Group, is due for completion in Q4 2012, with 32,000m2 of space, while the remaining elements of Doha Festival City will be delivered in Q4 2014. Owned and developed by Bawabat Al Shamal Real Estate Company (BASREC), which is composed of investors Al Futtaim, Qatar Islamic Bank and Qatari investors, Doha Festival City will comprise over 400 retail units. It is also Al Futtaim's third mega-project in the MENA region and its largest retail shopping centre to date.
"This mixed-use destination is being built to adapt to the local market. Compared to Dubai Festival City, this complex has a bigger mall," said Shehadeh, adding it is expecting a big market share with an estimated 1.6m footfalls a month once it becomes fully operational by 2014.
"The complex will also have two hotels, which we will be announcing in the next few weeks," said Shehadeh. it is located on the northern highway linking Doha International Airport with the proposed Qatar Bahrain Causeway.