UrbaCon wins $466 million contract to build urban economic zone in Qatar

Qatar-based UrbaCon Trading & Contracting recently was awarded a $466 million contract to design and build an urban center in the Ras Bufontas area of Qatar, near the Hamad International Airport terminal.

Moataz Al-Khayyat, CEO of UrbaCon, said the project is a joint venture between UrbaCon and the Spanish firm Sacyr. The two companies will design and build the urban area together.

“It is another successful step by UrbaCon, which proves our ability to lead big construction projects in cooperation with world construction companies such as Sacyr," Al-Khayyat said. "Both companies have been awarded the project by Manateq, an organization set up by the Qatari government to develop economic zones across the country."

The building project is set to cover an area of more than 988 acres, and will be Qatar's first economic free zone.

UrbaCon has been involved in several major projects in recent years. The company built the Mall of Qatar, the Banana Island Resort, the Sheraton Doha Hotel and Convention Center, and Lekhwiya Stadium at Al Duhail.

UrbaCon is one of 17 companies owned by Al-Khayyat. His other ventures include general contracting, commercial and residential developments, building materials, various trading companies, hospitals, and restaurants in the Middle East.