Manateq attracts QR488.5m private investment
18 Jul 2017 - 1:41
By Mohammad Shoeb / The Peninsula
Manateq (Economic Zones Company) yesterday held a signing ceremony with private investors for the development of two hotels and three hotel apartment complexes in its Ras Bufontas Special Economic Zone (SEZ), at an investment of QR488.5m.
Manateq is a state-backed entity which is the leading provider of special economic zones, industrial enclaves, logistics and warehousing parks in Qatar.
Under the landmark agreement, two (4-star) business hotels and three (3-4 star) hotel apartment buildings will be developed on the waterfront at Ras Bufontas SEZ, on the land handed over by Manateq, further highlighting the proactive approach and hard work of Manateq to form strong bonds with the private sector and its efforts to continue contributing to the diversification of the Qatar economy and developing industry in the country.
The investment deal represents another important milestone in Manateq’s drive to secure private sector investment into Qatar.
Fahad Rashid Al Kaabi, Manateq CEO, was present at the ceremony, along with representatives of the property developers involved in the project, including Sheikh Ali bin Soud Al Thani , Partner, Bab Ishtar Trading and Contracting Co; Jaafar Ali Jaafar Al Saraf, Board Member from Zukhrof Trading and Contracting; Sraiya Nasser Rashid Sraiya Al Kaabi, Board Member from Al Sraiya Holding Group; Abdulrahman Abdulla Al Ansari CEO of Ras Bu Fantas Trading & Contracting; Ahmad Hussein Abdulla, the Managing Director of Hotel Musherib.
“This announcement is yet another milestone for Manateq and complements the success we have enjoyed so far and the partnerships we have formed within the private sector as we continue to develop our special economic zones and logistics parks,” Fahad Rashid Al Kaabi, CEO of Manateq, said. “Our ability to be able to offer such a service that eases the process for investment offering businesses a tourism district in one location, and the appetite from entities to partner with us is very encouraging for the development of industry and various other sectors in Qatar.”
One of the hotels will be constructed by Zukhrof Trading and Contracting and operated by the Wyndham Hotel Group, while the other 185-room property will be developed by Bab Ishtar Trading and Contracting and operated by Aspire Hospitality to have another branch of The Torch, Doha. Both properties will be developed in line with the Build Operate and Transfer (BOT) model for 25 years.
The hotel apartments meanwhile, will each have a minimum of 100 rooms and will be constructed by Hotel Musherib, Ras Bu Fantas Trading and Contracting and Al Sraiya Holding Group, and operated by Tourist Hotel, Katara Hospitality and Al Sraiya Hotels & Hospitality, respectively. Scheduled for completion by April 2019, the business and tourism venture will be located on the waterfront at Ras Bufontas, and will service business travelers working in the Ras Bufontas SEZ and surrounding areas. Guests will benefit from a scenic relaxed environment, while being within easy reach of the retail and leisure options available on the shoreline and within the SEZ.
Ras Bufontas SEZ is expected to become a business hub for technology, business services, logistics, advanced manufacturing, healthcare and medical devices. In addition to hotels and hotel appartments, the facilities in this zone will include residential units, office spaces, showrooms, retail outlets, and public spaces all located on the panoramic waterfront.