In a new attempt to diversify its economy and attract foreign investors, Qatar has unveiled plans for the Simaisma Project. Launched by the country’s Ministry of Municipality, the $5.5 billion mega-infrastructure plan was announced during an event in Doha on 27 June. The name Simaisma is due to its location, on the eastern coastline along Simaisma Beach, covering 8 million square metres of seafront real estate.
“We are steadily advancing towards realising Qatar’s national vision 2030, building a more prosperous and stable future for coming generations across the economic, social and environmental domains. We are thrilled to contribute to the growth of the tourism and entertainment sector by spearheading innovative projects that meet the rising demand in this crucial industry”, Qatar’s Minister of Municipality, Abdullah bin Hamad bin Abdullah Al Attiyah, said during the launching event.
The Simaisma Project will be managed by the Qatari Diar Real Estate Investment Company and will included a wide range of offers, including an amusement park. Even though detailed plans have not yet been revealed, the park should surpass Walt Disney World’s Magic Kingdom in size and should include cutting-edge technology and immersive storytelling.
Qatari Diar presents Simaisma Project, a new and vast undertaking that encompasses several resorts, a beach promenade, a golf course and a world class theme park.@qataridiar @albaladiya pic.twitter.com/k2dBvaYmoJ
— Doha News (@dohanews) June 27, 2024
Aside from the park, a championship golf course, luxury villas, a yacht marina and an array of luxurious restaurants and retail outlets will be built on-site. Moreover, the plans leave room for 16 dedicated zones for private development, meaning there will be multiple opportunities for investors from the tourism industry.
“We have meticulously planned this project under the guidance of the Ministry of Municipality and in alignment with Qatar’s trajectory of continuous growth. This project will establish new benchmarks for tourism in the region and write a new, remarkable chapter in Qatar’s success story”, said Ali bin Mohamed Al-Ali, CEO of the Qatari Diar Real Estate Investment Company.
Check out our recently launched #simaismaproject pic.twitter.com/gAIekgwbJZ
— الديار القطرية (@qataridiar) June 30, 2024
With the Qatari real estate sector being valued at $485 billion in 2024, it has become the country’s second-biggest industry after the energy sector. The Simaisma Project thus responds to the demand of investors and will boost the tourism sector in the country even more. However, as Qatar has faced criticism in recent years over its treatment of migrant workers, the execution of the project could be decisive for its entire reputation.
