Qatar Petroleum OKs housing development projects
Qatar Real Estate Investment Company (QREIC) has received the approval of Qatar Petroleum to the construction of a huge residential project in Mesaieed Industrial Zone, including its total infrastructure. The investment costs in this project amounts to 800 million Qatari Riyal costs ($219.7 million), reported the Qatari newspaper, Al-Raya, on October 16. The project is composed of 1244 housing units owned by Qatar Petroleum.
Works will start at the end of the current year and scheduled to end by the end of 2007. QREIC also started to develop the main program for Al-Khor Project, which includes construction of 1,700 housing units with all the needed infrastructure. This project will be built for the gas and oil-related companies in Ras Laffan. The budget allocated for this program amounts to 700 million Qatari Riyals ($192.2 million). Works on the infrastructure of this project will start by the end of 2005, while the project is expected to be completely ready within two years.
Additionally, Qatar Petroleum has agreed that QREIC will develop the Dukhan Housing Project, the 7th phase in Dukhan area. This project includes construction of 568 housing units and its costs are estimated at 250 million Qatari Riyals ($68.6 million). The project is expected to be complete within two years.