The summer of 2012 will witness the unveiling of the state of the art World Trade Centre Tower and Complex. This US$300,000,000 investment serves as a testimony of Qatar General Insurance and Reinsurance Company’s commitment to, and belief in, the local economy.
The new Doha World Trade Centre headquarters will provide the perfect venue in the Middle East’s fastest growing, business and sports friendly capital, for networking, meeting, educating, working with, and entertaining both new and existing clients.
This exciting new commercial development boasts 6-storey sphere structure with a two-level 523-seat Auditorium, Serviced Offices and Meeting Rooms, and a 50-storey tower with 1,775m2 Convention/Exhibition Hall, Sky Restaurant, Signature Restaurant, Coffee Shops, Canteen and 42 floors of premium offices to meet the needs of any discerning businessman or woman. Its unique architectural form will dominate the Doha skyline.
Listed on Qatar Exchange, Qatar General Insurance and Reinsurance Company (QGIRCO) is Qatar’s largest privately-owned insurance company. Operating from its headquarters in Doha, and a regional office in Dubai, QGIRCO offers both conventional insurance and takaful products which are available to both corporate and individual customers covering a range of risks, spanning from personal, casualty, and property risks, to risks associated with the energy and engineering sectors.
QGIRCO has a substantial and well diversified investment portfolio in local blue chip companies, real estate and investment grade securities providing stable returns and strengthening the company’s financial position. It also owns a land bank of prestige properties, and commercial and residential buildings in prime locations in Qatar. To manage this real estate portfolio, QGIRCO set up General Real Estate Company (GRECO), as its real estate development
and management subsidiary. GRECO is a wholly-owned subsidiary of Qatar General Holdings Company, which is in turn wholly-owned by QGIRCO.
GRECO is Client’s Representative on the World Trade Center project and is fully dedicated to establishing itself as a leading and reputable full-line real estate investment, development, and management company in Qatar. Its development agenda is driven by entrepreneurship, innovation, ethical business dealing, sustainable operations and profitability. GRECO’s attention to detail, daily contact with the site, and commitment to quality will ensure that the Doha World Trade Center is delivered successfully.
Doha World Trade Centre Headquarters
World Trade Center is a global organization with a network of 322 members in over 90 countries around the world. It promotes prosperity through trade and investment by offering services that will bring the international business community to your doorstep. These services include the following:
• Trade Information and Market Research
• Trade Shows and Exhibitions
• Business Services (Offices, business centre, etc.)
• Trade Education
• Executive Business Club
• Trade Missions
??The construction works are well under way, and on time to meet the completion date in mid-2012. Addressing a press conference recently, QGIRCO chairman Sheikh Nasser bin ali Al Thani said that office space was still in great demand in Qatar, as the country’s economy continued to boom, and several international companies were showing interest in launching operations in Doha.
“The project we are executing will meet the requirements of customers in a big way”, he said.
The WTC tower will be “an important addition to the real estate sector of Qatar through its superior quality and high standard of services and superior infrastructure”, said Sheikh Nasser bin Ali. “The launching of this great project is timely and a testimony to QGIRCO’s firm belief in Qatar’s growing national economy, which is now a world leader in terms of growth rates”.
Strategically located on Doha’s famous Corniche this iconic development will command breath-taking views across
Doha’s scenic bay and skyline. The new headquarters will form the hub between Doha’s main Government District and its rapidly growing Commercial and Business Center in West Bay.
With a built up area of over 140,000m2, this exciting development comprises:
• Four levels of basement car parking to accommodate 1,169 cars;
• A podium from ground floor to level three, with adjoining six-storey Sphere;
• An impressive and eye catching Entrance and Convention Plaza;
• 2-level 523- seat auditorium to cater for meetings, presentations, and conferences;
• 1,775m2 Exhibition / Convention Hall;
• Health club and Spa;
• Lobbies, coffee shops and Restaurants;
• 42-levels of office accommodation with 12 lifts for rapid, designated access; and
• 2-level Executive Club, Sky Restaurant and Cigar Bar.
An absolutely fascinating building, unexpected details abound. The Convention Plaza area, for instance, is one of the unique assembly spaces at first floor level, which is covered with a circular skylight that continues straight down to the curved – and vast – spherical cupola ceiling. These areas are truly exceptional, with a six to eight metre high ceiling and big planter boxes and water features. The Exhibition Hall, with a floor area of 1,776m?, also on the first floor, has a high ceiling too, and is equipped with an audiovisual control system, interior design and lighting.
A further unique feature in the podium is the 6-level Sphere Structure, comprising two levels of Auditorium (from the ground floor to the first floor) and office space up to the sixth floor level. It is easily reached by two panoramic lifts that enjoy views over the Convention Plaza area. The Sphere will be in the region of 30 metres in diameter and is composed of steel and concrete structures and covered with laminated vision glazing all around. The Sphere Structure is resting on a vault-like water cascading feature.
The Auditorium has a spherical shape, with the mezzanine designed in a parabolic shape and features a ramp access linking the mezzanine and ground floor. It is fully equipped with high-tech conference equipment, including translations, audiovisuals and voting systems, whilst a rising platform on the stage can support a grand piano and can emerge from the basement during concerts.
The VIP entrance features a Grand Stairway and Vehicular Ramp, incorporating a dramatic glass floor that overlooks the 10 metre diameter water pond at ground level.
The Public Lift conveying system in the tower incorporates 16 separate elevators. The system comprises 4 x 4 transfer lifts, which are all accessible at ground and first floor levels. The low-rise lifts are available from the ground floor to the 13th floor, the mid-rise lifts from the 13th floor to the 24th floor, the high-rise lifts from the 24th floor the 34th floor, and the sky-rise lifts from the 34th floor to the 48th floor.
The Recreational floors, the Cigar Bar and Executive clubs are to be found on the 47th and 48th floors, taking in a total floor area of 2,770m?. The Cigar Bar structure is composed of steel trusses and concrete rings to support the cantilever and covered with laminated vision glazing and cladding to take full advantage of the panoramic view. A major challenge during the execution of the project will be to erect 60 metre cantilever structural trusses at the Cigar Lounge located at the rooftop and supported on the 46th floor of the tower.
The tower public areas will be furnished with interior finishes, whereas the office spaces will be built as core and shell with necessary provisions to receive
interior finishes by tenants. The sphere offices will be serviced offices for temporary or extended occupancies.
The fire engineering design for the scheme, for instance, includes a reduction in the level of sprinkler coverage required in the basement car park, an innovative and highly cost effective smoke control solution for the atria, as well as a reduction in the requirement for additional applied fire protection to the steel structure.
Visitors to the Doha World Trade Center headquarters intending to explore, or stay the night, will have the pick of Doha’s luxury hotels, shopping malls, and scenic vistas only a short distance away.
Delivery
The company overseeing delivery of the project is project management firm Projacs International, which was chosen because it is not only a local company with local knowledge, but also has extensive experience of managing major projects, including contractors and sub-contractors.
Established in Kuwait in 1984, Projacs has a reputation for providing professional project management, with jobs carried out in the Middle East, North Africa, Asia, Europe and North America.
MZ and Partners is the supervising architect and was selected because of its experience as a local consultant in providing value engineering, technical support and supervision services during construction, its knowledge of local codes and regulations, and its expertise in meeting statutory approval requirements.
Arabtec Construction Company W.L.L of Doha, Qatar, a subsidiary of Arabtec Holding PJSC, is the main contractor on the WTC project, with its brief including all structural, civil, electromechanical and external works. Arabtec, which has had an office in Qatar since 2005, has located a site office based at WTC, thus ensuring that every element is supervised and managed to meet the demands and expectations of the client.
With a tradition of high quality workmanship and superior customer service, Arabtec ensures that every single aspect of the project is efficiently executed, and cost-effective.
Arabtec Holdings has been a leader in the region’s construction for over 35 years and has completed many prestigious projects, the most well known of which is the Burj Khalifa in Dubai; the world’s tallest structure. Arabtec has years of experience and expertise to draw and on and brings great diversity of service to the market.
Going Forward
The Doha property market has recently experienced its first real estate cycle, with prices, and rentals, declining significantly after the market reached its peak in 2009. This has resulted in a subsequent slowdown in the pace of supply coming online as the previous period of rapidly escalating rents and prices across all asset classes had resulted in supply levels outstripping current demand.
The significant drop in rents and prices experienced over recent months has increased
the competitive environment amongst developers, which will ultimately result in a better quality product. It has also increased the relative attraction and competitiveness of Doha from an occupier / end user perspective, which will in turn generate greater demand for quality real estate across the city with the Doha World Trade Center Tower and Complex being a prime example.
The planned construction spending in preparation for the 2022 World Cup and other the economic reforms implemented under the visionary leadership of His Highness Sheikh Hamad Bin Khalifa Al Thani should positively impact development quality, improve property values and rental yields, rapidly move the real estate down cycle into recovery mode and subsequently, a prolonged sustainable growth path. This should increase employment and generating multiplier effects on the economy as a whole, and provide a fertile environment for unlocking the value of QGIRCO’s considerable land bank in Doha and the surrounding area – but that’s another story.
