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Ezdan Holding Group launched Ezdan World Company, which will specialise in the tourism and recreation sector. Acquiring the majority stake in Magical Festival Village supports Ezdan Holding's strategy aimed at reinforcing its investments in the retail and entertainment sector. The group said it has set the new company's strategy to own modern projects in tourism and recreation with the aim of better serving the Qatari society with innovative ideas and projects.
Earlier, Ezdan Holding stated it increased the stake in the ‘Magical Festival Village’ project to 70% of the company’s capital.
Ezdan Holding Group CEO Ali Mohammed al-Obaidli said the company began its activity to manage the operations of Magical Festival Village project, which is the first-of-its-kind entertainment destination in Qatar. It spreads over an area of 50,000sq m within Katara Cultural Village.
The village hosts events and festivals involving major international artistes, with activities covering entertainment, education and fashion. Magical Festival Village also offers 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.
Al-Obaidli said, “Our keenness to strongly participate in this project has been based on a vision to integrate various sectors to which the group is pumping investments. The group's strategy aims at serving the community, providing entertainment and shopping in a unique family atmosphere."
He hoped the project would further stimulate the Qatari economy, particularly the retail sector. It's expected to attract tourists from around the world, especially from the Gulf Cooperation Council (GCC) region.
Ezdan World Company general manager Abdulaziz al-Mohannadi said, “Magical Festival Village is a new and unique idea with diverse objectives. The activities at the village start at a time when the weather is becoming more pleasant in Qatar. The village aims at increasing tourists arrivals into Qatar. It promises to be a ‘must-visit’ tourist attraction in the country.”
‘Magical Festival Village’ will open its gates from the beginning of winter, until the end of spring, seven days a week, to receive the largest possible number of visitors.
Ezdan World Company is expected to announce the detailed events programme and the names of international VIP visitors shortly.
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