Greece’s biggest construction group Ellaktor said on Thursday it signed a 3.2 billion euro ($4.4 billion) contract to build a subway line in Qatar as part of the Doha Metro project.
Ellaktor, which has been expanding its foreign business to cope with an economic crisis at home, said in an Athens bourse filing it owned a 32 percent stake in joint venture Alysj, which won the “Gold Line Underground” project in Qatar’s capital city of Doha.
Construction of the 32-kilometre long tube is expected to be completed in 2018, Ellaktor said, boosting the company’s construction backlog of currently 3 billion euros. The firm did not reveal its joint venture partners in the Qatar project. Foreign operations, mainly in the Balkans and the Middle East, account for about a third of the company’s backlog.
Once a major driver of the Greek economy, construction has slumped by more than 75 percent due to austerity policies imposed on bailed-out Greece by its international lenders.
But the prospects of Greece’s construction industry are improving after public finances stabilised and the country returned to bond markets earlier this month
Titan, the country’s biggest cement maker, said it expected demand for cement to grow this year for the first time since 2006, on the back of public investment. Ellaktor is participating in a 7.6 billion euro toll road project that Greece unfroze in recent months.
Work led by Aktor, will include:
- Boring a total of 32km of tunnel with six tunnel boring machines;
- Constructing 13 underground stations;
- Excavation work for the stations; and
- Setting up traffic and utility diversions.
The east-west Gold Line would start at Villaggio mall and run beneath Al Waab Street. It then follows the road’s northward bend at the Doha Expressway before turning east again at Al Sadd Street.
It curves to cross C-Ring slightly north of Al Sadd Street before veering southeast, cutting through residential areas of Fereej bin Mahmoud and then following Qatari bin Al Fujaah Street and Al Adhwaa Street into the Msheireb station.
From there, it runs below Wadi Msheireb Street/Ali bin Abdullah Street before curving south to follow Ras Abu Abboud Street past the northern end of Doha International Airport’s runway.