The country kicked off yet another ambitious real estate development — the $5bn Smaisma Project — on Thursday amid much fanfare.

Qatar’s Prime Minister and Minister of Foreign Affairs HE Sheikh Mohamed bin Abdulrahman bin Jassim Al Thani, laid the foundation stone for what is expected to be the country’s newest urban landmark, adding to a growing list of unique tourist destinations.

The Smaisma Project will span eight million square metres, and will extend along 7km of pristine beachfront on Qatar’s eastern coast. The area, known as Smaisma Beach, will provide novel tourist and entertainment experiences.

It will provide promising investment opportunities with 16 tourism zones available for development by the private sector. It will include resorts spread out over four zones each with a unique design and character. In addition, the project will feature a large-scale theme park, 18-hole golf course, residential villas, a yacht marina, as well as luxury restaurants and retailers.

Sustainability will be at the heart of the project. It will rely on smart construction systems and use local and recycled materials, as well as the latest in construction technology.

Qatari Diar Real Estate Investment Company will manage the Smaisma project, which is the brainchild of Qatar’s Ministry of Municipality.

Qatar’s Minister of Municipality Abdullah bin Hamad bin Abdullah Al Attiyah, other top officials from the government, investment, tourism, and real estate sectors also attended the project’s launch.

Al Attiyah reiterated the importance of collaboration between the public and private sectors to fast-track Qatar’s growth.

“As we progress toward achieving Qatar National Vision 2030, we’re building a more prosperous and stable future for the next generation, economically, socially, and environmentally. We look forward to enriching the tourism sector with more projects that meet the needs of this vital industry,” he was quoted as saying by Gulf Times.

Qatari Diar Real Estate Investment Company CEO Engineer Ali bin Mohamed Al Ali thanked the Ministry of Municipality for the collaboration.

“This project, planned under the umbrella of the Ministry of Municipality, will set a new standard for tourism in the region. It’ll write a new and exciting chapter in Qatar’s ongoing success story,” he said.

“The Qatari real estate market, which is currently valued at $485bn, attracts the most foreign direct investments after the energy sector. This industry has witnessed notable recent growth, driven by burgeoning demand on residential and retail spaces, growth in visitor numbers, Qatar’s hosting of mega events, and development in the business and trade sectors,” he added.

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