Qatar Holding, the investment arm of the country's sovereign wealth fund, plans to build four luxury hotels - including a 150-room Harrods Hotel - on Sardinia, the second largest island in the Mediterranean Sea and an autonomous region of Italy.
The massive one-billion-euro development project coming up on Sardinia's Costa Smeralds is likely to be completed over the next 10 years, said Italian media reports citing Arzachena Mayor Alberto Ragnedda.
The plan also includes a 200-room family hotel for the luxury market, and two others, one in Pevero with 90 rooms and one in Razza di Juncu with 75 rooms, targeting young people, the report stated.
The plan also includes an aquatic amusement park inside the Liscia Ruja reserve, a low-impact electric Go-Kart route within a former landfill at Abbiadori, expanding roads and water and sewer systems, and an academy to train tourism managers.
The project, which was presented by architect Tonino Fadda for Qatar Holding, is to be debated with environmental experts to make sure it doesn't violate Sardinia's landscape protection regulations, it added.
Kingdom has a plan to balance oil market
Saudi Arabia is profoundly studying developments of the global oil market since August to develop scenarios allow the return of balance between supply and demand and the removal of the oversupplies,
This would include the introduction of new information technology
Muscat bourse reacts on profit-booking
Shares on the Muscat bourse reacted on profit-booking after two days of recovery. The MSM30 Index remained flat at 5,767.37 points, marginally down by 0.03 per cent. The MSM Sharia Index ended at 880