1.3 Billion Riyals in Local and International Investments by the Economic Group

Nour Al-Hamali

Mr. Abdulrahman Al-Sulaiti, Chairman of the Board of the Economic Group, one of Qatar’s leading residential and commercial project management and marketing companies, estimated the group’s investments at approximately QAR 1.3 billion. These investments are divided into three main areas: properties owned by the group, properties managed and leased by the group, and wholesale retail trade.

In an interview with Al-Arab, Al-Sulaiti noted that the group holds real estate projects in Lusail and The Pearl, and owns and manages properties in Bahrain, Dubai, and several European and Asian countries. He emphasized that Egypt holds the largest share of the group’s investments outside Qatar.
He also highlighted that real estate valuation is one of the Economic Group’s key activities. Mr. Abdulrahman Al-Sulaiti is a certified property valuer accredited by courts and banks in Qatar and is considered one of the leading arbitrators in the sector.

Al-Sulaiti brings over 25 years of extensive experience to the field, during which he has produced more than 2,500 reports for various governmental entities, banks, corporations, and individuals.

Additionally, the Economic Group operates a training center focused on enhancing the personal skills of employees and managers across various sectors. The group was among the first companies to organize major exhibitions and conferences in Qatar, facilitating numerous deals for exhibitors and consumers and promoting international market engagement.

To begin, could you highlight the main activities of the group?

The Economic Group’s operations are divided into three main sectors:

First, “Owned Properties,” which include residential compounds, apartments, villas, and commercial shops.

Second, “Leased Properties,” where we have a large division dedicated to leasing, developing, and re-leasing buildings, along with providing essential maintenance services through our maintenance company, in addition to security and cleaning services. We manage properties entirely on behalf of owners, ensuring their maintenance from the moment of receipt until they are returned to the owner, who retains the right to reclaim their property at any time.

The third sector is wholesale retail trade, through a series of commercial complexes owned by the group, such as “Zone Center” and the “Thursday and Friday Market,” among others. It is worth noting that the retail sector in Qatar has seen remarkable growth in recent years.

What is the value of the Economic Group’s investments?

Approximately QAR 1.3 billion, covering both domestic and international investments.

Regarding international investments, which markets and sectors are your focus?

Primarily the real estate sector. Although we hold a significant share of Qatar’s real estate market—owning and leasing more than 2,800 residential units across the country including Lusail and The Pearl—we recognized the need to expand regionally across the Gulf and the Middle East.

In the Gulf, we have investments in Bahrain and Dubai, managed through our dedicated offices there, mostly comprising properties that we purchase and then lease. In the Middle East, our investments are mainly concentrated in Egypt, where we maintain strong partnerships with leading real estate companies and act as exclusive agents for several of them. We are also exploring new partnerships with other firms soon.

Notably, we were the first group to introduce Egyptian companies to real estate exhibitions in Qatar.
On an international level, we have investments in London, Spain, and several other European cities. Additionally, we own two residential towers near the financial center of Kuala Lumpur, Malaysia, scheduled for delivery in 2019.

Does the group market its international properties at real estate exhibitions in Qatar, such as Cityscape?

Absolutely. We consistently participate in Cityscape Qatar and other major real estate exhibitions, achieving very strong sales results.

At the last edition of Cityscape, we recorded sales exceeding 20 million Egyptian pounds for our properties in Egypt and successfully marketed units in both London and Spain.
Cityscape Qatar is a vital platform attracting top global real estate companies due to Qatar’s esteemed economic position.

Thus, the group is keen to participate annually, leveraging the significant investment opportunities the event provides, as well as the invaluable networking with other leading companies and the opportunity to discover innovative services beneficial to our clients locally and internationally.

The exhibition serves as a dynamic gateway for connecting with more clients and encouraging real estate investors by offering them a variety of attractive options, which aligns with our goal of maximizing client reach through active participation in economic events, both locally and regionally.

As one of the country’s leading certified valuers, how do you view land prices in Qatar?

Land prices are always subject to supply and demand dynamics. Prices are higher in well-planned and ownership-ready areas, especially in prime locations like The Pearl and Lusail, and lower in areas with less demand. It’s a simple supply-and-demand equation.

There are concerns about unlicensed brokers in the valuation sector. How do they impact the market?

Banks are quite vigilant regarding these matters, and there is strong oversight in place. Currently, only three certified valuers are accredited by the banks, so there is little cause for concern. As for market manipulators, they bear the responsibility for any fraudulent practices.

How do you assess the current rental levels? Is there a possibility of a decline?

Rents have experienced a very gradual decrease in some areas recently, ranging between 10% to 15%. Currently, the market is relatively stable, but I anticipate a potential further decline that could reach up to 20% in the future.

Did the drop in oil prices impact the group’s real estate investments?

There has been a general impact on the global economy and, by extension, the real estate sector. However, we have not been affected significantly, thanks to Qatar’s robust, strong, and stable economy. I expect oil prices to rebound above $50 per barrel before the end of the year. I am not worried about such fluctuations as I specialize in crisis management and have successfully navigated all previous economic crises.

Could you elaborate on the group’s retail activities and its market share?

We hold a strong position in wholesale retail in Qatar, with an annual turnover of about QAR 30 million. Retail is a sector I am personally passionate about, having started my career in it. The group operates several retail centers across Qatar, including “Zone Center,” and dominates the “Thursday and Friday Market” on Salwa Road.
Additionally, the new “Thursday and Friday Market” on Barwa Commercial Avenue is now open to visitors at any time.

Where do you source your goods from?

We mainly import from Turkey, India, China, and several other markets.

Are you planning special offers and discounts during Ramadan at your centers?

Of course. Every year, our centers offer major promotions during Ramadan, and our customers prefer shopping with us due to the uniqueness and quality of our products, especially given our wholesale pricing advantage. We are also suppliers to other malls.

The retail market is promising, and key seasons include the back-to-school period, Eid Al-Fitr, Eid Al-Adha, and Ramadan.
I would like to add that “Zone Center” represents a significant leap in Qatar’s local retail market, offering high-quality products from around the world at competitive prices.
Our strategy is centered on customer service, which is our primary goal.

“Zone Center” was established in 2005 and continues to provide a wide range of products—clothing, accessories, women’s scarves and hijabs, perfumes, watches, sunglasses, silverware, quilts, cleaning supplies, home appliances, electronics, carpets, curtains, toys, decorative items, chocolates, leather products (shoes, handbags, luggage), and everything needed for a modern household—all under one roof, saving our customers time, effort, and money.

You mentioned the opening of the new Thursday and Friday Market. When exactly will it open?

Very soon, possibly right after Eid Al-Fitr and before the new school season starts. The market is located on Barwa Commercial Avenue, covering an area of 7,000 square meters, comprising two floors with extensive retail spaces. Prices will be very attractive. The market is already open for visitors.

I would like to express my appreciation to the teams at Waseef, Barwa, and Qatari Diar for their outstanding cooperation in facilitating shop leasing.

Are there any other activities that the group is engaged in?

Yes, we operate a chain of restaurants. We launched our first “Manashi” restaurant in one of the malls in the Industrial Area near the workers’ village, another on Salwa Road, and another at the Thursday and Friday Market. Soon, we will be opening a new restaurant, “Estad,” at Plaza Mall in the Industrial Area.

What about the group’s role in training and development?

We run a training center accredited by the Supreme Education Council, offering a variety of courses, including the CMA (Certified Management Accountant) program, arbitration courses, and specialized administrative courses for ministries, government agencies, banks, and companies.

Each month, we offer two training sessions with 20 to 40 participants per course, totaling approximately 80 trainees monthly.