Damac launches Qatar commercial tower project

Dubai-based Damac Properties yesterday launched Business Square, its first commercial tower in Qatar.

Business Square will be a 20 storey commercial tower spanning over 39,000 square meters in an urban development located in the southern end of Lugsail, close to the West Bay area, within the Marina District of Qatar.

The project is valued in excess of QR 400 million (Dh403m). Business Square will have modern amenities with multilevel parking, round-the-clock security along with hi-speed Internet, swipe access, a business lounge, amongst other facilities.

"The Qatari real estate sector, which has evolved substantially over the years, is currently experiencing an incredible demand for highly profitable real estate investments. Business Square is a step forward by us to strengthen our presence and showcase our commitment to the Qatari market," said Peter Riddoch, Chief Executive, Damac Properties.

"We are moving aggressively into Qatar with two residential launches, the opening of our first sales office, and our first commercial tower launch in just over two months. Business Square benefits greatly from its ideal location as Lusail – the master development – encourages inbound investment and provides world class living and working environments that will stimulate the local economy."

Last month, Damac opened its first sales office in Qatar. In April, it launched two residential projects Garden Heights and The Terrace at Fox Hills, both at the Lusail development.