IBA to invest QR550m in Ras Bufontas SEZ

Economic Zones Company (Manateq) signed a landmark agreement with Ismail Bin Ali Group (IBA), yesterday, further strengthening government and private sector collaborations in the country.
As part of the agreement, IBA will invest QR550m to develop and operate accommodation buildings that will house more than 8,700 workers in the Ras Bufontas Special Economic Zone (SEZ).
The new development will sit on an area measuring approximately 150,000sqm, which has been handed over by Manateq, and will accommodate up to 8,784 employees and workers who will be working in the factories and warehouses within Ras Bufontas and the surrounding areas. The group has been awarded to construct and manage the facility in line with the Build, Operate, Transfer (BOT) model, for 25 years, which can be extended for five more years.
Designed to enhance the overall experience for both employees and employers, it will include worker, supervisor and technician accommodations in the form of fully-equipped rooms, one and two bedroom apartments. The complex includes catering, laundry, training, indoor and outdoor recreational facilities and community areas. Along with a public retail centre, there will also be a mosque, medical, banking and administrative facilities.
“The QR550m investment from IBA reflects the trust that the private sector has on the Qatar market development. Our partnership with IBA Group is a key indicator of how collaboration between the public and private sectors can have a beneficial contribution on the economic success of our country,” said Fahad Rashid Al Kaabi, CEO of Manateq.
“This is a landmark agreement for Qatar and builds on the success that Manateq has achieved to date as we continue with the development of our Special Economic Zones, which play a crucial role in transforming the country into an industrial and logistics hub for the world,” he added.
Work on the project, which will begin this month, is expected to take up to three years to complete. Underpinning the strong bond Manateq has formed with the private sector to successfully contribute to the diversification and economic development of Qatar, IBA Group will offer competitive rental rates for companies interested in housing their workforce in the new development.
"We expect to have some 5000 to 6000 housing units that will be open to all, but the economic zone investors will be given priority,” Hamad Mohammed Esmael Al Emadi, CEO of IBA Group, told The Peninsula.
“We planned the rents based on market studies, and we can surely say the rents for the accommodations at Ras Bufontas SEZ will be below the current market rates. A single bed with all these facilities and services offered at the SEZ could cost above QR 1900, we will be offering for QR600 per bed,” he said.
Ras Bufontas SEZ is strategically located next to Hamad International Airport, providing businesses with easier access to global markets. The special economic zone is aimed at various sectors including firms specializing in healthcare and medical devices, light industries, advanced technology and air cargo services.