Qatari Diar Real Estate Investment Company (“Diar”) announced today that it has reached an agreement with Arcapita Bank B.S.C.(c) (“Arcapita”) to establish a joint venture company that will specialize in the provision and operation of utilities and infrastructure services. The joint venture company will be named Diar Infrastructure Services Company (“Diar Infra”).
Diar Infra will be established as a Qatari company with an exclusive mandate to develop for all Diar owned, controlled or mandated real estate projects a number of utility services. These will include district cooling, sewerage treatment and waste management, water desalination and treatment solutions, power generation and energy management solutions, telecommunications and any other infrastructure or utility requirements deemed necessary by Diar.
Diar Infra's initial business and immediate focus will be to develop, own and operate the substantial utility requirements of Lusail Real Estate Project (“Lusail Project”) and will subsequently extend its offering to other real estate projects in the State of Qatar as well as other countries where Diar owns or develops real estate projects that require any of the above services.
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