The Qatar Foundation for Education, Science and Community Development has signed a 20 year Build, Operate and Transfer (BOT) agreement with Mazaya Qatar Real Estate Development Q.S.C. to develop and manage the Sidra Medical and Research Center’s Residential Project.
The agreement was signed by Eng. Saad Al Muhannadi, Vice President of Capital Projects and Facilities at the Qatar Foundation for Education, Science and Community Development and Mr. Rashid Fahad Al Naimi, Chairman of Mazaya Qatar, on behalf of their respective organizations during a press conference that was held at The Four Seasons hotel, Doha.
The initial cost of the project has been estimated at QR500 million and will, upon completion, offer approximately 1,165 residential units to the rental market.
Speaking on the occasion, Al Naimi said: “We are proud to achieve this new milestone, which is in line with our ambitious plan to enter risk-free and successful projects that serve the interests of our shareholders. Sidra Residential is one of the projects that was recently studied and that has come into execution. Our promise to our shareholders, as part of our belief in the existing promising investment opportunities in the important Qatari market, is to sign more deals of this type.”
Al Naimi added: “I extend my cordial thanks and appreciation to our partners at the Qatar Foundation for Education, Science and Community Development for the enormous support they have given to Mazaya Qatar, and for the confidence they have placed in the professionalism and efficiency of our team. We pledge to provide whatever it takes to protect the interests of our clients, to generate profits for our shareholders, and to maximize the profits of our country.”
Said Al Muhannadi: “We at the Qatar Foundation are thrilled with this new alliance with Mazaya Qatar. We have confidence in their quality output and management and look forward to more fruitful partnerships that will serve the interests of all parties. We wish success and prosperity to Mazaya Qatar”.
The Sidra Residential Compound plot is 100% owned by the Qatar Foundation for Education Science and Community Development, and the Foundation’s plans for the area include the construction of residential units for nurses, employees and technicians working at the Sidra Medical and Research Center.
Mazaya Qatar Real Estate Development Company will Build, Operate and Transfer the project, which will consist of two-storey buildings, green parks and a community club, over a period of 20 years. Each building will host one and two bedroom residential units.
In total, there will be 658 one bedroom apartments of approximately 50m² each, and 507 two bedroom apartments of approximately 85 m² each.
