Qatari developer launches major beachside tourism project

June 27 (UPI) -- Qatari municipal and private sector leaders on Thursday announced the launch of a major tourism project aimed at diversifying the country's economy and attracting more foreign investment.

The Smaisma Project , announced at an event in the capital city of Doha, is the latest project by Qatar's Ministry of Municipality and will be managed by Qatari Diar Real Estate Investment Company.

The project encompasses nearly 5,000 square miles along Smaisma Beach on Qatar's east coast, which will serve as an entertainment district for residents and tourists.

Investment opportunities include 16 tourism zones available for private development. The project also promises a large-scale amusement park, an 18-hole golf course, villas, a yacht marina, and up-scale restaurants and retailers.

Minister of Municipality Abdullah bin Hamad bin Abdullah Al Attiyah said the project symbolizes the importance of public- and private-sector collaboration to build a "future more prosperous and stable for future generations, economically, socially and environmentally."

Qatari Diar CEO Ali bin Mohamed Al-Ali said the Smaisma Project continues the trajectory of Qatar's economic growth.

"This project will set a new standard for tourism in the region and write a new and exciting chapter in Qatar's ongoing success story," he said.

Qatari Diar owns 50 projects under development in 20 countries with a total investment value of around $35 billion.

"The Qatari real estate market is valued at $485 billion in 2024 and attracts the most foreign direct investments after the energy sector," Al-Ali said. "This industry has witnessed notable growth in the past few years, driven by an increase in demand on residential and retail spaces, growth in visitor numbers, Qatar's hosting of mega events and development in the business and trade sector."

The Smaisma Project also will rely on the latest construction technology to reduce unskilled labor and use eco-friendly, local materials.

The project is part of Qatar's National Development Strategy 2024-2030 launched earlier this year.

The strategy aims to grow Qatar's economy outside of the fossil-fuel sector and encourage foreign direct investment.