Mazaya Qatar Real Estate Development Company has awarded China’s Sinohydro a contract worth QR 473 million ($ 130 million) to construct the Sidra Village project.
The signing ceremony was held at La Cigale Hotel in Doha and attended by Mr. Seraj Al Baker, CEO of Mazaya Qatar Real Estate Development and Mr. Wu Wenhao, Sinohydro (Gulf) Managing Director, who signed the contract on behalf of their respective organizations in the presence of H.E Mr. Zhang Zhiliang, Chinese Ambassador to the State of Qatar, Mr. Rashid Al Nafisi Chairman of Al Mazaya Holding and Board member of Mazaya Qatar, and Mr. Naif Al Awadi, CEO of Al Mazaya Holding.
According to the contract, Sinohydro will undertake all the construction and finishing works of the project, and will deliver the complete project in 20 months. Sidra Village consists of 1165 residential units, including 658 one bedroom apartments of approximately 50 square meters each, and 507 two bedroom apartments of approximately 85 square meters each.
Mazaya Qatar has signed a 20 year Build, Operate and Transfer (BOT) agreement with Qatar Foundation for Education, Science and Community Development to build and manage the Sidra Medical and Research Centre’s residential project.
Speaking on the occasion, Mr. Seraj Al Baker said: “We are thrilled to sign another construction contract in the history of Mazaya Qatar. It is a new milestone and confirms our professionalism and determination as a Company and our commitment to deliver Sidra Village project within the scheduled deadline”.
“As a Company we thoroughly study and evaluate the projects in which we plan to invest and also select the right timing when to implement them in the light of current conditions. We aim to focus on income generating projects to ensure the highest possible returns on investment and grow our assets responsibly”, he added.
Al Baker said that the selection of Sinohydro was based on a transparent profound study against a number of other offers submitted by construction firms. He added: “We concluded that Sinohydro is the ideal partner to achieve this important project, due to their track record of successes in carrying out similar projects to the highest level of proficiency in execution and their strict adherence to deadline”.
Commenting on the occasion, Wu Wenhao Managing Director of Sinohydro, said: “We are thrilled to be selected for the Sidra Village residential project and proud of this new achievement in Qatar. We have a lot of experience in delivering projects on time in different regions across the world and are confident to complete the construction works within the scheduled deadline and to the highest quality standards. I am delighted to thank Mazaya Qatar Real Estate Development Company and its officials for the confidence placed in us”.
Sinohydro Corporation was founded 1950 and is considered a leading construction Chinese firm. Sinohydro ranks among the top 50 worldwide construction groups and employs 130 000 people in China, Asia, Africa, Latin America and Europe.
