Qatari Diar in major European developments

Qatari Diar Real Estate Investment Company plans to invest around CHF 300 mln (EUR 211.5 mln) by 2014 in the development of a luxury resort on Lake Lucerne in Switzerland.

The new complex, located in the village of Bürgenstock, will offer around 80,000 m² of space including 400 rooms and 60 suites as well as congress facilities and a spa area. The first construction phase is expected to be completed by the end of 2012, with final delivery in 2014.

Last month, the company, which is fully-owned by the Qatar Gulf state via Qatar Investment Authority, also signed a deal with the Cyprus government to develop a hotel, office and residential complex in the capital Nicosia.

The company will set up a 50/50 joint venture with the state for the development of a leisure complex, including a hotel, office space and apartments. The initial investment is expected to amount to over $150 mln (EUR 122 mln).