The MoU provides for two joint venture agreements to be signed by the foundation and Summit by late June, establishing a property company and an operations and management company. QF will have a 51 per cent stake in both companies with Summit holding the remaining 49 per cent interest. The property company will then sign a 50-year renewable lease with QF and enter into a contract with the management company for the park’s development.
Summit says that it plans to start tendering the first-phase construction packages by 30 September with contract awards due in January 2003. Under the schedule, the park will be opened in mid 2004.
Phase 1, estimated to cost £45 million-60 million ($64 million-85 million), will comprise an incubator innovations centre, an anchor tenant building, a data centre, a mosque, and basic infrastructure including a temporary housing facility.
Education City is being developed by the foundation, which was established by Emir Sheikh Hamad bin Khalifa al-Thani in 1995 and is chaired by his wife, Sheikha Mouza bint Nasser al-Misnad. In April, the foundation signed an agreement with the US’ Cornell Universityto establish a medical college at the site. The first packages are now out to tender among contractors on the multi-million dollar development (MEED 20:4:01).
Summit will be formally launching the project at MEED’s Qatar 2002 conference, to be held in London on 15-16 May