The International Projects Developments Company (IPDC) seeks to develop the first railway equipment plant in Qatar at a cost of around QAR 546 million ($150 million), according to the company's top-level executive.
In a statement sent to Zawya, Ahmed Hussain Al Khalaf, IPDC chairman, they are "currently negotiating the project details with the persons in charge at Qatar Railways Development Company (Qatar Rail), and our final agreement will be announced soon."
Qatar Rail, which is backed by sovereign wealth fund Qatar Investment Authority, is currently implementing a massive project to build the first metro network in the country, costing nearly USD 25 billion and expected to be completed by 2019 – three years before Doha hosts the 2022 FIFA World Cup.
Al Khalaf confirmed that IPDC is also negotiating with international partners from Germany, France, Spain and Italy for the implementation of the project, which will be able to meet the needs for railway equipment, as well as all other requirements for the lining process of tunnels essential for an extended railway. He expects the project to be launched by the end of this year or early next year.
Like many private sector companies, IPDC is seeking to take advantage of the construction boom in the LNG-rich Gulf state. A pipeline of projects has been laid out by the Qatari government in preparation for the 2022 World Cup.
IPDC is currently investing billions of dollars, mostly in Qatar, for a wide variety of fields and activities through 18 subsidiaries in the food, industrial, construction, real estate, civil engineering and designs sectors.
According to Al Khalaf, IPDC accounts for around USD 500 million of the Qatari market investments.