Masraf Al Rayan and Singaporean multi-disciplinary consultancy group, Jurong International, have signed an agreement to prepare a feasibility study concerning the development of a $2 billion smart industrial city in Qatar.
The intelligent and eco-friendly project will be spread over 5 sq km and focus on the electronics, technology and manufacturing sectors.
The move is expected to accelerate the development of Qatar’s industrial sector, said officials.
“This unique city, designed to cater for current demands and future developments of a number of specific industrial sectors will boast intelligent technology integrated with a state-of-the-art industrial platform,” said Masraf Al Rayan chairman Dr Hussain Al Abdulla.
“In addition to accommodating local, regional and global electronics, technology and manufacturing companies, the city will also house concentrations for other innovation-led industries.”
Dr Hussain added: “The project’s emphasis will be on progressive research for future industrial and domestic technologies and will ensure Qatar’s lead role in industrial development in the region.
“It will also be developed with a view to enhancing the contribution of technology in protecting the environment.”
Masraf Al Rayan is the lead promoter for this project while Jurong International has been entrusted with the task of undertaking the initial feasibility study.
Masraf Al Rayan vice-chairman Esam Janahi said: “The development of the project will represent a significant hub for technology-based industries in Qatar and the GCC.
“The project will have salient intellectual components which will enhance the development of knowledge-based industries in the region.”
He also said a regional assessment was undertaken on the necessity of having such a technology-focused industrial city and an array of key potential components, which may be part of the development, have been identified.
These include semi-conductors, information communication, media and entertainment, lifestyle entertainment, pharmaceuticals, aerospace, off-shore engineering and automotive.
“This smart industrial city will target regional as well as global investors, encouraging technical and strategic partnerships with leading players in the space, accelerating the development of the industrial production and manufacturing sectors in the State of Qatar and the region,” said Janahi.
“We are confident of attracting a host of best-of-breed companies and stakeholders to the project as well as the right talent to be part of the development,” Janahi added.
Adel Mustafawi, chief executive officer, commercial banking, of Masraf Al Rayan, said: “The smart industrial city will provide ample support for companies in terms of logistics, trading and support including accommodation, hotels, entertainment and port facilities.
“We expect it to attract companies of all sizes from multinationals to niche research, development and servicing companies wishing to take advantage of Qatar’s uniquely forward-looking business environment.”
Ling Poon Lim, general manager of Jurong International Consulting (Middle East), said the detailed feasibility study on the project will begin this week.
“Our team of planners, architects, engineers and consultants has extensive experience on similar ground-breaking projects in Qatar, Asia and the Middle East and we are delighted to join Masraf Al Rayan in bringing this city to life,” he said.
On completion of the feasibility study, the next step for the team will be to compile a detailed schedule for the project embracing technical, design, product and marketing information.
The various elements for the city will include a ‘World of Electronics’ sales and exhibition centre, a facility for the study of improved use of materials, systems and techniques in information security and ‘Future City’, providing public exhibitions on the uses, history and future of domestic, industrial and information technologies.
The announcement comes as Masraf Al Rayan opens the doors on its first branch following its record-breaking IPO, the biggest in Gulf history.
“It is a day of double celebration for us,” said Mustafawi.
“To be able to announce our lead role in such a significant project and open to the public on the same day sends a strong and positive signal to our shareholders,” he added.
