QATAR: Msheireb Properties, Qatar’s leading sustainable real estate developer, has awarded a consortium comprising Obayashi Corporation and HBK Contracting the QR2.5bn construction contract …

Msheireb Properties, Qatar’s leading sustainable real estate developer, has awarded a consortium comprising Obayashi Corporation and HBK Contracting the QR2.5bn construction contract for the penultimate stage, Phase 3, of its flagship project, Msheireb Downtown Doha.

The third phase will include two office buildings, 350 residential units, hotel, hospitality and community facilities

“Awarding the construction contract for Phase 3 symbolises our commitment to the implementation of this project and is testament to the swift progress we are making in its construction,” Abdulla Hassan al–Mehshadi, CEO of Msheireb Properties said, adding the construction of Phase 3 is expected to start later this month.

Phase 3 involves the construction of a built-up area of approximately 310,000 sqm comprising 14 buildings that are up to 22 storeys in height as well as four basement levels offering 2,200 parking spaces.

The third phase will comprise two office buildings, 350 residential units spread across 11 buildings, four communal swimming pools in addition to a mosque, retail, hotel, hospitality and community facilities.

The 20,000 sqm retail offering will comprise 84 units; a 187-key hotel will also be built on an area of 30,500 sqm.

Msheireb Downtown Doha broke ground in early 2010 and its development will be completed in four phases, Phases 1A, 1B, 1C and Phase 2 have been already awarded with construction progressing as per schedule.

“We look forward to working closely with Msheireb Properties and we thank them for giving us this exciting opportunity to be involved in the development of this world-class regeneration project,” according to Kotaro Nonaka, executive officer of Obayashi Corporation.

 GCC hydrocarbon
producers, 13th most
powerful economy

Gulf hydrocarbon producers emerged as the 13th most powerful economy in the world in 2011 while strong oil prices allowed them to become the fifth largest exporter with the highest trade surplus, according to a Bahraini minister.

Hassan Fakhru, minister of trade and industry, estimated the combined GDP of the GCC at around $1.4tn in 2011, the 13th largest in the world. He put the global GDP at around $70tn in 2011.

The minister said GCC citizens were among the richest in the world, with the group’s combined GDP per capita standing at about $30,000 in 2011, nearly triple the global average per capita of $10,000.

His figures showed the GCC’s trade with the other countries stood at around $1.2tn during that year, with exports of around $811bn.

“Imports were estimated at $379bn … this means the GCC had a surplus of around $432bn in 2011, the highest surplus in the world,” he said. “As for exports, the GCC emerged as the fifth largest exporter after China, the US, Germany and Japan.”

Fakhru said the GCC’s trade with the rest of the world leaped by nearly 10 times to $1.3tn in 2011 from around $138bn in 1984.

Reported by: Caye Global News, Gulf Times

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