Qatar Holding LLC (QH) announces today that it has signed a Memorandum of Understanding (MOU) which sets out the foundation for a series of cooperation initiatives between QH, Qatar Science & Technology Park (QSTP), Volkswagen AG (VW) and Porsche SE (PSE).
The MOU seeks to develop further cooperation between QH, QSTP, VW and PSE within the State of Qatar subsequent to QH investment in these German automotive companies in August 2009. As previously announced, QH investment in PSE and VW had envisaged the establishment of R&D and testing and training facilities in Doha, as well as other avenues of cooperation. The MOU which has been signed today establishes a Management Committee and Technology Steering Committee which will oversee further studies in, and development of, specific areas of interest.
In line with the objectives of Qatar National Vision 2030, the MOU identifies six initiatives in areas such as education, research and commercial applications of a broad range of technologies; including both engineering and fuel technology that will provide opportunities for training and development of Qatari students as well as technical and business professionals. With the signing of the MOU, QH will be leading a complex process to generate additional benefits for the State of Qatar via its international investments. The participation of QSTP is fundamental to the success of the cooperation initiatives and is aimed at amplifying the impact of potential benefits to be realized from the cooperation initiatives with VW and PSE.
Ahmad Mohamed Al-Sayed, Managing Director and CEO of Qatar Holding said:
“To reflect the vision of His Highness the Emir and His Highness the Heir Apparent, we hold the view that our international investments should not just generate financial returns, but where possible also create additional benefits. This important new cooperation venture will look to create benefits, commercially and socially, and hopefully have a positive impact on all participants. We look forward to working closely with all parties as we develop these initiatives towards realization”.
Qatar Science & TechnologyPark’s Executive Chairman, Dr Tidu Maini, said: “QSTP is involved in the development of a range of proprietary technologies with applications in the automotive sector and access to infrastructure necessary to undertake further applied research with leading organisations such as Volkswagen and Porsche. We believe therefore that there are substantial potential synergies in working together in areas such as materials technology, driving simulators and engine efficiency”.
