Doha selects joint venture to build bank headquarters

25 April 2011

Winning consortium will build 225-metre-tall tower

The International Bank of Qatar (IBQ) has selected the joint venture of Greece’s Aktor and the local Redco International to build its estimated QR500m ($137.4m) headquarters building in Doha.

The 225-metre-high tower will have 32 floors and five basement levels. The total built-up area of the project will be about 35,000 square metres. The tower development will be located on Al-Taawon Street, near the Qatar Olympics building.

The bank received bids from at least six contractors on the 6 January 2011.

The building was designed by US-based architecture firm Kohn Pedersen Fox. Doha-based KEO International Consultants is the consultant for the project.

Qatar awards Q1 2010-Q1 2011
Total awards$6.5bn100%
Source: Meed Projects

In November 2009, Doha received bids for another bank headquarters project. Qatar National Bank (QNB) received bids from at least five groups for the contract to build its 101-floor, 510m-high headquarters in Doha.

In May 2010, MEED reported that QNB had shortlisted two Australian companies, Multiplex and Grocon for the main construction package.

Contractors and suppliers in Doha now say that they do not expect the project to be awarded as it is almost a year and a half since bids were first submitted.

The planned building would have a total built-up area of 235,000 sq m. This would include five basement levels, 88,000 sq m of parking, 9,000 sq m for the entrance and banking halls, and 138,000 sq m of office space. If completed, it would be one of the world’s tallest buildings after the UAE’s Burj Khalifa.

There are a number of other tower projects planned for Doha. Local developer Qatari Diar Real Estate Investment Company is preparing to tender the 400m-plus tower for the Doha Convention Centre development in the middle of the year (MEED 18:2:11).

The developer originally tendered the project in 2008, but the tender was cancelled and the project put on hold in early 2009 due to restrictions on new developments close to the New Doha International Airport (NDIA).

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