The partnership, operating as Qatar Real Estate Partners, plans to initially open Sotheby's International Realty offices in central Doha and Casablanca. It plans to expand into Cairo and Muscat shortly thereafter.
The first development Qatar Real Estate Partners will bring to market via the Sotheby's brand is Qatari Diar's coastal resort project near Tangiers, Morocco. The project, Al Houara, is a 27.4-million-sf tourism and mixed-use development that includes two luxury hotels and over 1,200 villas and apartments. Amenities include an 18-hole championship golf course.
Qatar Real Estate Partners will focus primarily on the distribution of Qatari Diar's $20-billion pipeline of luxury real estate projects. NorthCourse will oversee the development and ongoing management of Qatar Real Estate Partners as well as provide leisure real estate consulting services to the partnership and to Qatari Diar.
Qatari Diar is wholly owned by the Qatar Investment Authority, the state investment arm of OPEC member Qatar, which is home to the world's third largest reserves of natural gas. Qatari Diar was established in December 2004 to support Qatar's growing economy and to coordinate the country's real estate development priorities.
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