The Ismail Bin Ali Group will start construction on the first special economic zone this month, Manateq announced.
Manateq, the leading provider of special economic zones, logistics parks and industrial zones in Qatar, has announced a QR 550 million contract with Ismail Bin Ali Group to develop the first specialized economic zone in Qatar yesterday.
The zone, planned to house a substantial labor force, will be built at the heart of Hamad International Airport’s economic zone.
Ismail Bin Ali Group will both build and operate the accommodation complex, which will house as many as 8,700 workers from nearby factories and warehouses ones completed.
The complex will be made up of studio apartments, as well as one and two bedroom apartments, including catering, laundry, indoor and outdoor recreational facilities.
There will also be a public retail center, a mosque, medical clinic and a bank on site.
The company will break ground and start developing the economic zone as early as before the end of this month, and will take up to three years to complete it.
The zone will “play a crucial role in transforming the country into an industrial and logistics hub for the world,” said Manateq CEO Fahad Rashid Al Kaabi.
There are currently plans to build the total of three special economic zones in Qatar. Other than the one near the airport, in Ras Bufontas, there will be one in Al Karana, south of the Industrial Area, as well as one in Um Alhoul near Mesaieed.
These zones are government sponsored, with an aim to woo foreign investment and boost international trade. Foreign companies that operate from these zones will be able to repatriate all their revenue, investments and capital overseas.