Qatar’s Energy City, a project designed to turn the state into a regional hub for the energy industry, will cost a total $2.6 billion to complete, its lead financial arranger said.

“The total project cost is $2.6 billion, the first phase will be $1.6 billion and the second phase $1 billion,” Esam Janahi, chief executive of Bahrain-based Gulf Finance House (GFH), said.
Officials last year announced the first phase of the project.
GFH said a number of major energy companies had expressed interest in the energy hub which will be located within the Lusail development in Doha – a $5 billion real-estate development by Qatari Diar Real Estate and Investment Company.
The project’s first phase will include business centres for industries.
Officials said the project would be financed by private investment, adding that GFH, in partnership with Kuwait Investment Company and Abu Dhabi Investment House, recently concluded a $276 million private placement aimed at raising equity for the project.
Janahi also announced the appointment of Bob Moore as the chief executive officer of Energy City Qatar.