Siemens gets $253m Qatar power contract
Dubai, March 2, 2014
Siemens has been awarded a $253 million contract by the Qatar General Electricity and Water Corporation (Kahramaa) to build nine substations, the German technology giant said on Sunday.
The contract, valued at 920 million Qatari riyals, is part of Kahramaa's Qatar Power Transmission System Expansion project, which aims to improve supply stability in the Qatari capital and its suburbs.
"This project will contribute to improving the power infrastructure in and around Doha," Bernhard Fonseka, head of Siemens operations in Qatar, said in a statement.
The project is expected to be completed within 26 months.
Qatar bought a 2.4 billion euro ($3.1 billion) stake in Siemens, Germany's second most valuable company, in 2012.
Qatar's wealth, mostly generated from gas exports, has spurred a population and construction boom over the last decade. The tiny Gulf state's plan to host the World Cup soccer competition in 2022 is expected to put further strain on Doha's power supplies. – Reuters