Qatari Diar, Saudi Binladin set up JV
Doha, March 2, 2010
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
More Construction & Real Estate Stories
- Qatar Railways awards $32bn in contracts
- Top regional firms at Cityscape Riyadh
- Habtoor Leighton wins $395m Dubai tower deal
- Bahrain to scrap asphalt subsidies
- UAE bids to host 2018 tunnelling congress
- Bin Faqeeh top sponsor of Gulf Property Show
- Summit to spotlight green building issues
- Cluttons to launch new brand in 2014
- Abu Dhabi’s project spend ‘to top $100bn’
- Israel, Jordan and Palestine ink landmark water deal