The chief executive officer of Dohaland, the company which is redeveloping a portion of Qatar’s capital city Doha, has announced plans for the state run company to raise up to $2.5 billion by the end of 2013 in order to finish the project.
The Musheireb project, estimated to be worth about $20 billion will include the construction of four new government buildings in one of the oldest sections of Doha. Also included in the plan is the construction of shops, a heritage center and a hospital. The project will proceed in six separate phases, the first coming to completion in 2012 and the final phase finishing in 2016.
Issa Al Mohannadi, the CEO of Dohaland said in an interview that, “We are looking at providing our own financing,” after the completion of the first two phases. “There are many options we are considering now and it could be a combination of a number of things,” such as bonds or loans, he said.
The immense building project is part of Qatar’s intensified focus on the future as a country with the world’s third largest reserve of natural gas. In 2022 Qatar will be hosting the Soccer World Cup and wishes to invest in infrastructure and development so it will be able to showcase its modernization and competitive nature as a world class society. Qatar is also preparing for a projected population growth of about 50% by the year 2030, to about 2.6 million people.