Alfardan Group's products target a discerning clientele for some of its business lines such as jewellery. How would you assess your positioning toward this kind of clients and what are your plans to strengthen it?
Alfardan Group is known for conducting business in a way that sets exacting standards, which is quite visible through the excellence, leadership, and quality of our products and services. It is this shared value with clients that allows us to meet their needs and the types of products and services that they expect from us. We deliver state-of-the-art products and services by investing heavily in the latest technologies and innovation while ensuring these investments are met with superiority, luxury, and transparency. The core is trust and reliability. Our broad expansion to other industries from jewellery and luxury watches to currency exchange, property development, hospitality, automotive and industrial equipment, investments, and maritime services are consistently followed and supported by our high-profile clients because of their continued trust in us. They experience the consistency in our services across all sectors, and we continue to maintain these established standards with a firm commitment that we will only provide the ever-evolving market needs with the highest international benchmarks. This is how we have attained our leading position locally and regionally.
The company works with some of the most distinguished brands in the automotive sector like Jaguar or Land Rover. What is the competitive advantage that Alfardan Group can bring to such brands to increase their distribution in Qatar?
We have successfully established ventures in a wide range of industries, with a special focus on luxury and high-end markets. We maintain a high level of qualifications for our teams, ensuring they are widely-experienced and we continue to train them to keep them on par with international practices; all the while remaining true to our commitment to family values, quality, excellence, integrity, social responsibility, and professionalism. At the core of all our efforts is our uncompromising commitment to always honor the values of the company's founding father Ibrahim Alfardan, whose vision and character have guided our business interests. We have earned the trust not only of our customers, but also of leading global brands seeking to expand into Qatar and the region.
Alfardan Group announced the launch of the Marsa Arabia Resort luxury development project. What will be different about this new resort? What is the role that tourism will play in future operations?
Marsa Arabia Resort is Alfardan's latest major venture in integrated luxury lifestyle development as part of our initiative to boost our international hospitality offerings and our commitment to support Qatar's progress in diversifying the economy through tourism. As Qatar is positioned to become the preferred luxury destination in the Middle East, we are bringing into the market an exclusive masterplan development that transcends the boundaries between residential living and hotel experiences. The landmark project is strategically located within Porto Arabia along The Pearl Qatar's waterfront, featuring an architectural design that reflects both the Arabian and Andalusian cultures. Our aim for it is to showcase an entirely new way of living, with world-class facilities and amenities under the management of The St. Regis brand. The tourism sector is at the heart of our core offerings since we have established Alfardan Hospitality and we are always guided by the vision of Sheikh Tamim Bin Hamad Al Thani, Emir of the State of Qatar, to build a highly-developed and sustainable nation. We will continue to build our offerings following this agenda in line with the Qatar Vision 2030 and take advantage of the strong momentum in Qatar's tourism and hospitality sector. The current developments in the sector, including infrastructure investments, are massive with up to USD200 billion for new projects. The generous support of the Qatari government to sustainable development further reinforces our confidence to significantly contribute and tap our business capabilities and ingenuity to strengthen Qatar's presence on the global tourism map.
In terms of business diversification, which sectors are becoming more promising for your business expansion? Are there plans to further expand to other countries?
There is continuous expansion and innovation in key sectors in which we operate, as well as in terms of geographic reach. We have been exploring key markets following on our interests in a broad range of industries, particularly in rapidly growing economies such as Oman and Turkey. The Finaa Alazaibah in Oman, our first project outside of Qatar, stands out as one of Oman's largest and most attractive mixed-used development. Amidst these efforts, we remain active to keep our local market position even stronger. With Qatar's winning bid to host the FIFA World Cup in 2022, we are striving to ensure that our brands and key offerings are in line with the high-profile event's demands.
How is the ongoing embargo affecting Alfardan Group's operations in the region? Are some of your operations being readdressed to other regions?
Prior to the blockade, we had already been proactive in expanding our focus and deeply capitalizing on the opportunities available to us as part our ongoing diversification efforts. As a result, we are able to maintain a strong position as a key player in strengthening and boosting the Qatari economy through our leading hospitality, real estate, automotive, and other initiatives. These challenges served to test our market resilience and the country's ability to further push for growth while maintaining our level of quality, excellence, and refined ways in transforming challenges into opportunities. We have become creative and innovative in finding solutions, from identifying alternative supply chains for our vehicles and spare parts to adopting an import-based strategy that directly seeks manufacturers rather than relying on regional centers. It was our keenness and determination to keep our relations strong with our strategic partners to continue developing high quality projects and provide an exclusive range of products and services that are an important addition to the economic and social growth of the country.
What is your outlook for the year ahead?
We are looking forward to develop more premium quality products and services for our rapidly expanding markets. We are keen to maintain the spirit of innovation in all areas of business, which has been bringing us phenomenal success and we are working on new markets to engage customers in varying demographics. Another significant part of our agenda is to create new products that meet the country's sustainable and environmental focus as part of the government's long-term socioeconomic programs. Alfardan is known for its excellence and unparalleled service. We will continue to uphold these values and maintain high standards that we have established in all areas of business and promote our best practices in the local, regional, and global landscapes.