Hochtief and Lusail set up Qatar JV
By Steve Skinner27 May 2010
Hochtief Construction and Lusail Real Estate Development, a subsidiary of QatariDiar have set up a Joint Venture company to offer planning and construction services both in Qatar and internationally.
The JV contract was signed in Doha, Qatar in the presence of German Chancellor Angela Merkel and the Emir of Qatar, Hamad bin Khalifa Al-Thani. In the first instance the JV company will develop the Lusail site of approximately 35 km2 to the north of Doha city. The new Lusail city is planned to comprise of ten districts with residential, shopping, leisure, schools, medical centres and two harbours constructed to serve an estimated population of 200000.
Chairman of the executive board of Hochtief Construction, Henner Mahlstedt said, "With the JV contract signed, we systematically continue our successful engagement in the Gulf region."
Hochtief has already been active in the region having previously won contracts for construction the € 1.3 billion (US$ 1.6 billion), 8 km long Barwa Commercial Avenue shopping mall in Qatar. The company is also a part of the consortium that is working on the 40 km long Qatar-Bahrain Causeway.