Special economic zone provider and developer Manateq and five Qatari property developers signed a QR488.5mn deal on Monday for the construction of hotels and hotel apartment complexes inside the Ras Bufontas Special Economic Zone.
The 4.01sq km Ras Bufontas SEZ will house two 4-star hotels and three 3- and 4-star hotel apartments along the zone’s waterfront area. Construction is expected to be completed by April 2019, Manateq CEO Fahad Rashid al-Kaabi announced during a signing ceremony held at the City Centre Rotana Doha.
He said 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, al-Kaabi pointed out.
He also said the hotel apartments will each have a minimum of 100 rooms and will be constructed by Hotel Musherib, Ras Bu Fontas Trading and Contracting, and Al Sraiya Holding Group, and operated by Tourist Hotel, Katara Hospitality, and Al Sraiya Hotels & Hospitality, respectively.
Al-Kaabi said the business and tourism projects will service business travellers working in Ras Bufontas SEZ and surrounding areas. Guests will also benefit from the “scenic and relaxed environment” and accessibility to retail and leisure options available on the shoreline and within the SEZ, he said.
According to al-Kaabi, Ras Bufontas SEZ is poised to be a hub for technology, business services, logistics, advanced manufacturing, healthcare, and medical devices. In addition to hotels and apartments, he said the facilities in the zone will include residential units, office spaces, showrooms, retail outlets, and public spaces “all located on the panoramic waterfront.”
“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.
“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 are very encouraging for the development of industry and various other sectors in Qatar,” al-Kaabi said.
To kick-start the project, al-Kaabi signed agreements with Sheikh Ali bin Soud al-Thani, partner – Bab Ishtar Trading and Contracting Co; Jaafar Ali Jaafar al-Saraf, board member at Zukhrof Trading and Contracting; Sraiya Nasser Rashid Sraiya al-Kaabi, board member at Al Sraiya Holding Group; Abdulrahman Abdulla al-Ansari, CEO of Ras Bu Fontas Trading & Contracting; and Ahmad Hussein Abdulla, managing director of Hotel Musherib.
“The projects further highlight 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,” al-Kaabi said.
He said 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, al-Kaabi pointed out.
He also said the hotel apartments will each have a minimum of 100 rooms and will be constructed by Hotel Musherib, Ras Bu Fontas Trading and Contracting, and Al Sraiya Holding Group, and operated by Tourist Hotel, Katara Hospitality, and Al Sraiya Hotels & Hospitality, respectively.
Al-Kaabi said the business and tourism projects will service business travellers working in Ras Bufontas SEZ and surrounding areas. Guests will also benefit from the “scenic and relaxed environment” and accessibility to retail and leisure options available on the shoreline and within the SEZ, he said.
According to al-Kaabi, Ras Bufontas SEZ is poised to be a hub for technology, business services, logistics, advanced manufacturing, healthcare, and medical devices. In addition to hotels and apartments, he said the facilities in the zone will include residential units, office spaces, showrooms, retail outlets, and public spaces “all located on the panoramic waterfront.”
“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.
“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 are very encouraging for the development of industry and various other sectors in Qatar,” al-Kaabi said.
To kick-start the project, al-Kaabi signed agreements with Sheikh Ali bin Soud al-Thani, partner – Bab Ishtar Trading and Contracting Co; Jaafar Ali Jaafar al-Saraf, board member at Zukhrof Trading and Contracting; Sraiya Nasser Rashid Sraiya al-Kaabi, board member at Al Sraiya Holding Group; Abdulrahman Abdulla al-Ansari, CEO of Ras Bu Fontas Trading & Contracting; and Ahmad Hussein Abdulla, managing director of Hotel Musherib.
“The projects further highlight 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,” al-Kaabi said.