Manateq has witnessed overwhelming response to its public draw for Birkat Al Awamer logistics park project, wherein the demand outstripped the plots available for lease; indicating the growing confidence of the corporate sector in the fastest growing economy.
The company, which is working to diversify Qatar’s economy by providing premium infrastructure within strategic zones, has received more than 3,800 applications for the 787 plots, offering a 25-year lease period.
"The response to the plot offers has been highly encouraging and underlines the confidence investors have in the future of Manateq and the country’s economic diversification strategy,” Fahad Rashid al-Kaabi, Manateq, chief executive, said.
Following the high demand, a public draw was conducted for the qualified applications from companies with 100% Qatari ownership, to withdraw the winning applications and backup list, with the event being supervised by the Ministry of Commerce and Industry. The public draw was yesterday live streamed on Instagram.
The winning applicants will benefit from a two-year rent exemption starting from January 1, 2021.
The plots on offer is divided into three categories – those spanning up to 1,140 sqm, those ranging from 1,141-2,500 sqm and those covering between 10,601–21,000 sqm. The varying categories are aimed at responding to diverse investor needs.
Birkat Al Awamer is one of five logistics projects being developed by Manateq and is designed to appeal to companies wanting to build their own warehouses or workshops, commercial showrooms, offices, and staff accommodation on one plot.
The project, which was launched in November, benefits from proximity to vital logistics gateways making it a highly strategic location to facilitate speedy logistics delivery with convenient connectivity to Hamad Port and Al Majd Road.
The huge demand has demonstrated Birkat Al Awamer’s strong appeal to various logistics sectors including, but not limited to, the construction and food sectors, aluminium, stone and steel workshops and multi-purpose storage operators,” according to Manateq chief executive.
"We now look forward to the investors progressing their projects and to begin realising the benefits of Qatar’s national growth drive,” al-Kaabi said.
The huge demand is a reflection of the right combination of policy prescriptions for well-calibrated diversification of the economy, market sources said, adding there have also been enabling environment for the private sector to flourish through a slew of legislative reforms.
Manateq has already signed memorandum of understanding with Qatar Islamic Bank (QIB), QNB, QIIB and Dukhan Bank to facilitate financing for its logistics parks investors.
Manateq had recently signed with Waseef Asset Management Company, the leader in the management and marketing of real estate projects, to provide facilities and rental management of all the commercial and residential assets in seven service hubs across all its logistics parks.
"The response to the plot offers has been highly encouraging and underlines the confidence investors have in the future of Manateq and the country’s economic diversification strategy,” Fahad Rashid al-Kaabi, Manateq, chief executive, said.
Following the high demand, a public draw was conducted for the qualified applications from companies with 100% Qatari ownership, to withdraw the winning applications and backup list, with the event being supervised by the Ministry of Commerce and Industry. The public draw was yesterday live streamed on Instagram.
The winning applicants will benefit from a two-year rent exemption starting from January 1, 2021.
The plots on offer is divided into three categories – those spanning up to 1,140 sqm, those ranging from 1,141-2,500 sqm and those covering between 10,601–21,000 sqm. The varying categories are aimed at responding to diverse investor needs.
Birkat Al Awamer is one of five logistics projects being developed by Manateq and is designed to appeal to companies wanting to build their own warehouses or workshops, commercial showrooms, offices, and staff accommodation on one plot.
The project, which was launched in November, benefits from proximity to vital logistics gateways making it a highly strategic location to facilitate speedy logistics delivery with convenient connectivity to Hamad Port and Al Majd Road.
The huge demand has demonstrated Birkat Al Awamer’s strong appeal to various logistics sectors including, but not limited to, the construction and food sectors, aluminium, stone and steel workshops and multi-purpose storage operators,” according to Manateq chief executive.
"We now look forward to the investors progressing their projects and to begin realising the benefits of Qatar’s national growth drive,” al-Kaabi said.
The huge demand is a reflection of the right combination of policy prescriptions for well-calibrated diversification of the economy, market sources said, adding there have also been enabling environment for the private sector to flourish through a slew of legislative reforms.
Manateq has already signed memorandum of understanding with Qatar Islamic Bank (QIB), QNB, QIIB and Dukhan Bank to facilitate financing for its logistics parks investors.
Manateq had recently signed with Waseef Asset Management Company, the leader in the management and marketing of real estate projects, to provide facilities and rental management of all the commercial and residential assets in seven service hubs across all its logistics parks.