Sunday, Apr 25, 2010
(Adds more details.)
DOHA (Zawya Dow Jones)--Qatar's property developer and project manager Dohaland awarded Sunday a 1.56 billion Qatari riyal ($428.51 million) construction contract to a consortium led by South Korea's Hyundai Engineering & Construction Co. on the first phase of its flagship Musheirab project in the heart of Doha.
Dohaland, a unit of the nonprofit Qatar Foundation, is the developer of the $5.5 billion Musheirab project, which is aimed at developing the capital's original business district. The 35 hectare project will consist of offices, homes, hotels and schools. Work is scheduled over five phases until 2016.
Hyundai will develop phase one of the project in partnership with the local HBK Contracting Co.
The Musheirab scheme involves the demolition and construction of new buildings together with an underground pedestrian city including car parks to ease congestion. It aims to regenerate one of the oldest parts of the city and is part of the Gulf Arab state's push to diversify its economy and curb its reliance on oil and gas. Some QAR2.2 billion of contracts have now been awarded on Phase 1A of the project.
Bauer International Qatar won the bid for enabling works in 2009. Arup and EDAW are the project consultants, according to Zawya.com's projects monitor service.
Phase 1A of Musheireb project is due for completion by 2012. The main construction contract for Phase 1B, scheduled for completion in 2014, will be awarded in 2011, Mohammad Al Marri, director of projects at Dohaland told reporters Sunday.
A QAR112 million enabling works contract was awarded to Power International on Phase1B of the Musheireb project last month, he said. "After phases 1A and 1B, the project will be self-generating through rental income, said Al Marri, adding that the development would include large shopping facilities and a five star hotel. "As of now we haven't made the decision on [property] sale," he added.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 659 9818; alex.delmar-morgan@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
25-04-10 0950GMT
