Phase 3 comprises the construction of a mosque, 11 residential buildings, two office buildings, 84 retail units and a hotel

Doha, Qatar, 19, 2013

Msheireb Properties, Qatar's leading sustainable real estate developer, has awarded a consortium comprising Obayashi Corporation and HBK Contracting the QR 2.5 billion construction contract for the penultimate stage, Phase 3, of its flagship project, Msheireb Downtown Doha.

The awarding of the construction contract for Phase 3 marks a key milestone in the development of Msheireb Downtown Doha. The construction of Phase 3 is expected to start later on this month

"Awarding the construction contract for Phase 3 symbolises our commitment to the implementation of this project and is testament to the swift progress we are making in its construction," said Abdulla Hassan Al-Mehshadi, Chief Executive Officer at Msheireb Properties.

"Joining a local company with an international contractor in a joint venture like this helps Qatari companies to further enhance their skills and capabilities and encourages the transfer of knowledge and expertise," Al-Mehshadi added.

Mr. Kotaro Nonaka, Executive Officer of Obayashi Corporation, speaking on behalf of Obayashi-HBK joint venture said: "We are honoured to be appointed as contractors for this crucial part of the development and to be part of the Msheireb Downtown Doha construction team. We look forward to working closely with Msheireb Properties and we thank them for giving us this exciting opportunity to be involved in the development of this world-class regeneration project."

Phase 3 involves the construction of a built-up area of approximately 310,000 square meters comprising 14 buildings that are up to 22 storeys in height as well as 4 basement levels offering 2,200 parking spaces.

Phase 3 will comprise two office buildings, 350 residential units spread across 11 buildings, four communal swimming pools in addition to a mosque, retail, hotel, hospitality and community facilities. The 20,000 square-metre retail offering will comprise 84 units, a 187-key hotel will also be built on an area of 30,500 square metres.

Described as the world's first sustainable regeneration of a downtown area in a modern city, the project combines traditional local building practices and design influences with the latest technologies in energy efficiency and environmental management. Msheireb Downtown Doha broke ground in early 2010 and its development will be completed in four phases, Phases 1A, 1B, 1C and Phase 2 have been already awarded with construction progressing as per schedule.

Sustainability is central to the Msheireb Downtown Doha project, in term s of both the conservation of natural resources and the quality of its design.  The entire project features sustainable design that consumes fewer resources, generates less waste, costs less to operate, and achieves a reduced carbon footprint.

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About Msheireb Properties
Msheireb Properties is a real estate company and a subsidiary of Qatar Foundation. The company was established as a commercial venture to support the Foundation's aims as well as the realisation of Qatar's 2030 Vision.

Msheireb Properties' mission is to change the way people think about urban living and improve their overall quality of life, through innovations that encourage social interaction, respect for culture, and greater care for the environment.

Msheireb Properties spent three years researching Qatari architecture and numerous approaches to urban planning all over the world with the most respected experts in the industry - in order to realise an architectural language rooted in the best of the past that may be preserved for and by future generations.

The company's name, Msheireb, means 'a place to drink water' and is the historical name of the downtown area of Doha. The company's corporate identity depicts the mouth of a stone well, a feature of traditional Gulf societies, and its distinct ink effect evokes classical Arabic calligraphy.

Msheireb Properties recently achieved ISO certification from the British Standards Institution for quality (ISO 9001:2008), environmental performance (ISO 14001:2004), and occupational health and safety (BS OHSAS 18001:2007). The company has also earned widespread industry recognition, including at the MIPIM Architectural Review Future Projects Awards in Cannes, France.

For further information on Msheireb Properties please contact:
Kamal Nasrallah, tel: +974 66562779
kamal.nasrallah@bm.com

© Press Release 2013