Qatari Diar’s $650mn investment in the US has earned praises from officials in Washington, according to the chairman of the American Chamber of Commerce in Qatar (AmCham).
Speaking to reporters on the sidelines of yesterday’s “Doing Business in USA Forum” held at the Four Seasons Hotel here, Robert Hager said the “10-acre inner-city neighbourhood worth $650mn” features 674 residential units (condos and apartments) and the 370-room Conrad Hilton Hotel, as well as luxury retail and restaurants.
“It was heralded by everyone in Washington as a great revitalisation project, which took an area of the city that needed help, and it has a beautiful mixed-use area with high-value tenants and businesses and shops. Currently, it is 90% sold out, Gold LEED-certified, and has been a very positive investment,” Hager said.
Hager also said many private sector-led investments by Qatari businessmen have seen a steady growth in the US market. “We’re seeing a diversification in that respect and that is very encouraging. I think the government is paving the way but it is being followed by Qatari businessmen.”
He added: “We feel that the US is a market where Qatar could see opportunity…considering the global turmoil in terms of economies and finance, the US has remained a stable investment climate.
“Now is a great time to invest in the US…the economy remains resilient in terms of growth and opportunities in a variety of sectors like technology, energy, real estate, and hospitality – things that Qatar knows well.”
Ryan Gliha, deputy chief of mission at the US embassy in Qatar, also said trade and investment, as well as political ties between the US and Qatar “has grown substantially over the past decade.”
“2015 has witnessed a number of milestones in our commercial relationship. There were more than $5bn in bilateral trade between Qatar and the US and we welcome the first office of the Qatar Investment Authority in New York last September and the QIA’s commitment to invest over $35bn in the US in the next five years,” he said in a speech.
He added: “One of the key aspects of trade and investment worth doing is air travel to the US, which has increased nearly tenfold over the past decade. Nearly 30,000 Qataris visit the US every year and Qatar Airways now flies direct flights to eight US cities and will expand to 10 by the end of 2016,”
“Although we came to 2016 with continuing oil prices, regional unrest, and global market uncertainty, the US continues to improve and to be a resilient and diverse market for doing business and investment.”