Qatar’s Ministry of Awqaf and Islamic Affairs has signed a QR54m ($15m) contract with the local Qatar Islamic Bank (QIB) to build a real-estate project in Doha.
The scheme will involve the construction of four residential buildings containing a total of 84 flats. The project will be financed by QIB and is scheduled to take 20 months to complete.
The seven-storey buildings will be located on a plot behind Suhaim bin Hamad Street and will cover a total area of 3,412 square metres.
The project is the first of nine Awqaf is planning to build in the current budget period, according to Abdullah al-Dosari, director of the public administration of Awqaf. When completed, the residential buildings will not be for sale, but will be offered for rent at cheaper rates compared with average market prices.