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FINANCIAL NEWS
Mazaya signs $412m agreement with Qatar Foundation
13 Oct 2010
(MENAFN) Qatar Foundation for Education, Science and Community Development (QF) signed a 20-year Build, Operate and Transfer (BOT) agreement with Mazaya Qatar at a total value of $412 million, The Peninsula reported.
Under the agreement, Mazaya will develop and manage the Sidra Medical and Research Center’s residential project and another one to develop the Marina Mall in Lusail.
The agreements were signed by Qatar Foundation Capital Projects and Facilities vice president Saad al-Muhannadi and Mazaya Qatar chairman Rashid Fahad al-Naimi at the Four Seasons Hotel in Doha.
The initial cost of the Sidra residential project is estimated at $137 million. It will offer 1,165 units to the rental market upon completion in 30 months. The Marina Mall is expected to cost QR1bn.
The Marina Mall agreement, lasting 30 years, includes construction of a shopping complex spread over 56,605sq m over two floors plus the ground floor (G+2), facing the new marina and yacht club, currently being built at Lusail City.
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