Qatari Diar and NorthCourse Sign Joint Venture Partnership
FEBRUARY 14, 2007. Real estate industry leaders Qatari Diar Real Estate, a regional leader in sustainable real estate development, and NorthCourse Leisure Real Estate Solutions, a global leisure real estate consulting and asset management company, signed a joint venture agreement today, creating what is poised to be a significant player in luxury real estate brokerage in parts of the Middle East and North Africa region. The company that will be established, Qatar Real Estate Partners, has obtained the exclusive franchise rights for the Sotheby's International Realty brand in Qatar, Morocco, Egypt and Oman.
The company, which will market luxury real estate, will be headquartered in Doha, Qatar and expects to initially open Sotheby's International Realty offices there and in Casablanca, Morocco. Offices in Cairo, Egypt and Muscat, Oman are planned to follow shortly.
The first project to be marketed by Qatar Real Estate Partners is Qatari Diar's Al Houara coastal resort project near Tangier, Morocco. Al Houara is a 234 hectare tourism and mixed-use development including two luxury hotels, more than 1,100 villas and apartments, and numerous on-site facilities including a world-class, 18-hole golf course.
Qatar Real Estate Partners will focus initially on the distribution of Qatari Diar's Al Houara development, with plans to market additional properties in Qatari Diar's extensive portfolio of luxury real estate projects and will offer their brokerage and added value services to other developers and property owners across the region. NorthCourse will oversee the development and ongoing management of Qatar Real Estate Partners as well as provide leisure real estate consulting services to the joint venture and to Qatari Diar.
Qatar Real Estate Partners has simultaneously signed an agreement with RCI Global Vacation NetworkSM to provide buyers with a "Personal Use, Rental and Exchange (PURE)" service that will enable owners to generate rental income on their property, exchange vacation time into RCI's network of over 4,000 resorts worldwide and gain access to personalized concierge and travel services. As the world's largest company in vacation exchange and among the world's largest global marketers of vacation rental properties, RCI Global Vacation Network will manage vacation rental distribution and a private-labelled Diar Club for owners of Diar-developed properties.
"Qatar Real Estate Partners will allow Qatari Diar to focus on our core strength of developing sustainable communities," commented Nasser H. Al Ansari, the Chief Executive Officer of Qatari Diar Real Estate Investment and Development Company. "We are confident that the combined capabilities of Qatari Diar, NorthCourse and the international networks of Sotheby's International Realty and RCI will be a world-class winning combination and expand our window to the world."
Preben Vestdam, the President and Chief Executive Officer of NorthCourse noted, "We are excited about the opportunity of partnering with Qatari Diar to help build the sales brokerage and distribution services for their $20 billion real estate development pipeline."
"Working with Qatar Real Estate Partners, Qatari Diar and NorthCourse to build a number of Sotheby's International Realty franchises in the region is an indication of our confidence in these key industry players. We believe that the ability of Qatari Diar to deliver high-quality real estate projects, the management capabilities of NorthCourse and the potential for growth in these countries are an ideal combination for our brand in the region," commented Michael Good, President and CEO of Sotheby's International Realty Affiliates, Inc.
partnership
2/14/2007 11:49:32 AM
Real estate industry leaders Qatari Diar, a regional leader in sustainable real estate development, and NorthCourse, a global leisure real estate consulting and asset management company, signed a joint venture agreement today, creating what is poised to be a significant player in luxury real estate brokerage in parts of the Middle East and North Africa region. The company that will be established, Qatar Real Estate Partners, has obtained the exclusive franchise rights for the Sotheby's International Realty brand in Qatar, Morocco, Egypt and Oman.
The company, which will market luxury real estate, will be headquartered in Doha, Qatar and expects to initially open Sotheby's International Realty offices there and in Casablanca, Morocco. Offices in Cairo, Egypt and Muscat, Oman are planned to follow shortly.
The first project to be marketed by Qatar Real Estate Partners is Qatari Diar's Al Houara coastal resort project near Tangier, Morocco. Al Houara is a 234 hectare tourism and mixed-use development including two luxury hotels, more than 1,100 villas and apartments, and numerous on-site facilities including a world-class, 18-hole golf course.
Qatar Real Estate Partners will focus initially on the distribution of Qatari Diar's Al Houara development, with plans to market additional properties in Qatari Diar's extensive portfolio of luxury real estate projects and will offer their brokerage and added value services to other developers and property owners across the region. NorthCourse will oversee the development and ongoing management of Qatar Real Estate Partners as well as provide leisure real estate consulting services to the joint venture and to Qatari Diar.
Qatar Real Estate Partners has simultaneously signed an agreement with RCI Global Vacation NetworkSM to provide buyers with a "Personal Use, Rental and Exchange (PURE)" service that will enable owners to generate rental income on their property, exchange vacation time into RCI's network of over 4,000 resorts worldwide and gain access to personalized concierge and travel services. As the world's largest company in vacation exchange and among the world's largest global marketers of vacation rental properties, RCI Global Vacation Network will manage vacation rental distribution and a private-labelled Diar Club for owners of Diar-developed properties.
"Qatar Real Estate Partners will allow Qatari Diar to focus on our core strength of developing sustainable communities," commented Nasser H. Al Ansari, the Chief Executive Officer of Qatari Diar Real Estate Investment and Development Company. "We are confident that the combined capabilities of Qatari Diar, NorthCourse and the international networks of Sotheby's International Realty and RCI will be a world-class winning combination and expand our window to the world."
Preben Vestdam, the President and Chief Executive Officer of NorthCourse noted, "We are excited about the opportunity of partnering with Qatari Diar to help build the sales brokerage and distribution services for their $20 billion real estate development pipeline."
"Working with Qatar Real Estate Partners, Qatari Diar and NorthCourse to build a number of Sotheby's International Realty franchises in the region is an indication of our confidence in these key industry players. We believe that the ability of Qatari Diar to deliver high-quality real estate projects, the management capabilities of NorthCourse and the potential for growth in these countries are an ideal combination for our brand in the region," commented Michael Good, President and CEO of Sotheby's International Realty Affiliates, Inc.
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