Qatar to set up $2bn Smart Industrial City
07.08.2011, 09:46
Al Rayan Bank (Masraf Al Rayan) yesterday announced the launch of a $2bn technology-focused Smart Industrial City in Qatar at a news conference held at the Four Seasons Hotel here.
Masraf Al Rayan is the lead promoter for this project while Singapore-based Jurong International has been entrusted with the task of undertaking the initial feasibility study.
Hotel Budapest
The eco-friendly project is to spread over 5 square kilometres comprising several clusters each of which will be devoted to a particular field of technology, electronics and manufacturing at a site yet to be picked up in Doha.
Masraf Al Rayan and the Singaporean multi-disciplinary consultancy group signed an agreement to prepare a feasibility study for the development of the project intended, according to officials, to accelerate the development of Qatar’s industrial sector. Dr Hussain Al Abdulla, Chairman of Masraf Al Rayan, and Ling Poon Lim, General Manager of Jurong International (Middle East), signed the agreement.
“This unique city, designed to cater to the current demands and future developments of a number of specific industrial sectors, will boast intelligent technology integrated with a state-of-the-art industrial platform. In addition to accommodating local, regional and global electronics, technology and manufacturing companies, the city will also house clusters for other innovation-led industries”, said Dr Al Abdulla. He said that the project’s emphasis will be on progressive research for future industrial and domestic technologies and would ensure Qatar’s lead role in industrial development in the region.
Essam Janahi, Vice-Chairman of Masraf Al Rayan, said that the project is part of the bank’s vision to get into infrastructure projects, adding that the project will be independent from similar government-sponsored schemes under way and will rather be complementing each other in the future. He also said that the Smart Industrial City will target regional as well as global investors, encouraging technical and strategic partnerships with leading players.
As to a tentative schedule when the project would start, Al Janahi said that once the feasibility studies have been completed — within six to eight months — the date would be determined by which time the promotion for the project would also be launched.
Ling Poon said the feasibility study on the project will begin this week and upon completion of the study, the next step for the team will be to set up a detailed schedule for the project, technical design, products and marketing information. The various elements for the city will include clusters, like semi-conductors, information communication, media and entertainment, pharmaceutical, aero space, offshore engineering and automotive.
They will also include the world of electronics, sales and exhibition centre, facilities for the study of improved use of materials, systems and techniques in information security and ‘Future City’, providing history and future of domestic industrial and information technology.