Manateq, a leading developer of special economic zones and logistics parks in Qatar, said it has joined forces with Ismail Bin Ali Group (IBA) to build a new residential complex for workers in the Ras Bufontas area of Qatar.

The new facility, to be set up on a 150,000-sq-m area at an investment of QR550 million ($151 million), will be able to accommodate up to 8,784 employees working in the various factories and warehouses within Ras Bufontas special economic zones (SEZ).

As per an agreement signed with Manateq, the IBA Group will be constructing and managing the facility on a build, operate, transfer (BOT) model, for 25 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, said the Qatari developer in a statement.

The complex will also boast several key indoor and outdoor recreational facilities and community areas besides catering, laundry and training units and a mosque. The other key features include a retail centre, medical and banking facilities, it stated.

Manateq said work will soon start on the project which is expected to take up to three years for completion.

Underpinning the strong bond, the developer 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, it added.

Manateq CEO Fahad Rashid Al Kaabi pointed out that it was a landmark agreement for Qatar which builds on the success that Manateq has achieved to date as it continues with the development of SEZs, which play a crucial role in transforming the country into an industrial and logistics hub for the world.

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 specialising in healthcare and medical devices, light industries, advanced technology and air cargo services.

“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,” he added.

IBA Group chief executive Hamad Mohammed Esmael Al Emadi said: "We are proud to be working with Manateq to drive the economic development of Qatar."

“We are committed to quality and performance and our reputation in these two areas speak for itself. Clients who invest in this leading new development will be assured of a quality product that will benefit them and their workforce,” he added.-TradeArabia News Service