The 83-storey tower, known as the IQ Tower, will be built in the West Bay area of the corniche opposite the Sheraton hotel.

Industries Qatar, a holding vehicle for the downstream activities of state-run oil company Qatar Petroleum (QP), will use the 71,000-square-metre building to house its head office.

Industries Qatar estimates the tower will cost QR700m ($192m) to build, but contractors say it is likely to be more.

UK-based Arup is working on the design of the tower. QP is managing the project.

The tower is one of three planned for the area around the corniche.The other two are Qatar National Bank’s (QNB) 510-metre-tall tower, and Qatar General Insurance & Reinsurance Company’s 50-storey tower.

Contractors are preparing to submit bids on 25 October for the 101-floor QNB building, which will be the tallest in Qatar when completed.

The Qatar General Insurance & Reinsurance Company is preparing to invite contractors to bid for the main construction contract on its estimated $200m Doha World Trade Centre tower.

QP holds a 70 per cent stake in Industries Qatar, which oversees the operations of companies such as Qatar Petrochemicals Company, Qatar Fertilisers Company, Qatar Steel, and Qatar Fuel Additives Company.