Nicosia, June 1 (ANI): Qatar 's Dohaland firm has announced plans to develop and regenerate a 35 hectare site located in inner Doha. The project will be executed in five stages at a total cost of 5.5 billion dollars and is to be completed in 2016.

Dohaland's CEO Issa Al Mohannadi said that Qatar Foundation, a non-profit organisation created by the Emir of Qatar, would undertake the funding of the first phase. Dohaland is a unit of the Qatar Foundation. The funding of the other phases is being studied, he said and added that the main objective was to create an endowment for Qatar Foundation that generates profit.

The Heart of Doha project is designed to put people and communities first and encourage social dynamism to help build sustainable, innovative communities that enrich the lives of individuals, promote environmentally friendly living, and rediscover the heritage and culture that makes a place unique. The project's goal is to create a dynamic local economy, ensuring self-sufficiency in school and basic amenities, and facilitating community interaction and social exchange in a common, sophisticated public area.

Although Qatar has the third largest gas reserves in the world, it wants to decrease its reliance on oil and gas income and has been investing in many other sectors. According to Qatar Statistics authority the country's per capita income was lifted to a record 70,630 dollars as nominal gross domestic product soared to a landmark $102.3bn. This makes Qatar one of the ten wealthiest nations in the world. (ANI)