DOHA: The Logistics Committee and Economic Zones Company (Manateq) have signed a QR1.8bn (about $494m) worth agreement with Masraf Al Rayan on financing the basic insfrasturre development works of logistics areas project in Al Wakra zone, according to a statement issued today by the Ministry of Economy and Commerce.
This is the largest logistics and industrial project in the south of the country aimed at promoting competitiveness in the commercial sector and encouraging the private sector to participate and contribute effectively to the National Development Strategy in accordance with Qatar National Vision 2030.
The agreement was signed by Head of the Logistics Committee, Hamad bin Ali Al Mannai, Business Development Director at Manateq, Mohamed Hassan Al Malki and Head of Wholesale Banking and Assistant General Manager, Mohammed Ismail Al Emadi.
The Logistics Committee pointed out that the signing of the agreement is an important step towards the implementation to achieve the objectives of the project including the diversification of the Qatari economy base and support of private sector competitiveness.
It also stressed the importance of the role of national banks in economic development and infrastructure projects while welcoming the offer made by Masraf Al Rayan, which proves the feasibility of the project in terms of investment efficiency.
Al Malki expressed Manateq’s pleasure to sign this agreement, which will enable it to complete the infrastructure project construction, provide lands for investors with full services and attractive for investment and construct logistics area with high standards in accordance with Manateq ‘s strategy.
