DOHALAND will award QR6 billion ($1.65 billion) worth of contracts on the QR20 billion ($5.5 billion) Musheireb project in the next few years, according to Issa Al Mohannadi, its CEO.

The state-owned company redeveloping part of Qatar’s capital also plans to raise QR9 billion ($2.5 billion) by the end of 2013 to complete the project, which is  under construction.

The company will need the financing by early 2014 or end of 2013. It is looking at providing its own financing after the first two phases are finished. There are many options it is considering now and it could be a combination of a number of things, such as bonds or loans.

The Musheireb project includes the construction of four government buildings as well as shops, a hospital and a heritage centre in one of the oldest parts of Doha.  The ambitious development, which covers 350,000 sq m (3.8 m sq ft), is owned and initially financed by state-controlled Qatar Foundation, chaired by the Qatari Emir’s wife, Sheikha Mozah Nasser bint Nasser Al Missned.

So far, 30 per cent of work has been completed on the first phase and six floors have been built on the main buildings.
Hyundai Engineering & Construction Company and a joint venture partner HBK Contracting Company were awarded QR1.56 billion ($428 million) contract to build the first phase of the project.

Musheireb will be built in six phases, with the first completed in 2012 and the last in 2016.