State-owned developer Qatari Diar and Saudi Binladin Group have agreed to set up a joint venture with operations in construction and industrial services in Qatar, Qatari Diar said.

The new company, called QD SBG Group, will be a joint venture equally held by Qatari Diar and SBG and will establish  a construction company and an industrial services company in Qatar, a statement said.

The deal is the Binladin Group's first business venture in Qatar, the statement said without giving the value of the venture.

The QD SBG Group has signed agreements with Qatar's Barwa Real Estate Co and Qatari investment bank The First Investor to establish the new companies.   

Qatari Diar, the property arm of Qatar's sovereign wealth fund which counts London's Chelsea Barracks among its most high-profile overseas assets, has more than 80 projects worldwide worth about $60 billion, Qatari Diar's chief executive Ghanim bin Saad Al Saad said last year.

The Jeddah-based Saudi Binladin Group is the one of the Gulf region's largest construction conglomerates. - Reuters