Ezdan Holding Group has announced that 75% of the available commercial outlets at Magical Festival Village, Katara, have been leased.
The number of outlets exceeds 400, which are spread over an area of 50,000sq m and developed in collaboration with local and international commercial agencies, some of which are showcasing their products for the first time in Qatar, Ezdan Holding Group has said in a press statement.
Magical Festival Village is described as the “first entertainment project of its size in Qatar”.
“It is a seasonal project that takes advantage of the best time of the year, when the weather in Qatar cools down and tourism is at its peak,” the statement explained, adding that the “official launch is around the corner”.
The Village witnesses events and festivals involving major international artistes, with activities covering entertainment, education and fashion. Magical Festival Village also contains about 130 games.
Designed in a European countryside style that “flows seamlessly with the architectural lines of the Village”, the commercial outlets are located near the cafe area, featuring 19 cafes and 20 restaurants.
Ezdan Holding Group CEO Ali Mohamed al-Obaidli said: “Acquiring the majority stake in Magical Festival Village supports Ezdan Holding Group’s strategy aimed at reinforcing its investments in the retail and entertainment sector. Moreover, our desire to work on this project stems from its excellent concept as the largest entertainment project in Qatar, which seeks to promote shopping and to boost tourism activity.”
On his part, Magical Festival Village operating manager Abdulaziz Issa al-Mohannadi said: “The large turnout of exhibitors, entrepreneurs and international retail agencies for the upcoming season of the Village’s events is an important indicator of the project’s success and impact.
Top-quality products will be displayed to meet a wide range of tastes and will include jewellery, clothing, leather goods, cosmetics, toys, electronics, sweets and worldwide furniture.”
He also noted that a German company has signed a lease for more than 80 outlets, through which it will offer a “significant number of global brands”.
Meanwhile, Ezdan Holding Group has announced its acquisition of Speed Trading & Contracting’s stake in Magical Festival Village to become the holder of 70% ownership in the company’s total capital, which has a total asset value of more than QR31mn.