Qatar- Industrial plots to be auctioned off tomorrow

Date

12/4/2015 9:49:59 PM

(MENAFN- The Peninsula)

DOHA: The much-awaited allotment of plots of land in one of the country’s biggest industrial and logistics areas is being held at the Ministry of Economy and Commerce tomorrow.

This will be the first phase of such allotment which will be decided through lottery since the eligible applicants are much more than the number of plots available.

The lottery will be held at 10am by the Economy Ministry’s Logistics Committee at the Ministry premises and the plots to be allotted are in three industrial and logistics zones in the south of the country. These areas are namely South of Al Wakrah Birkat Al Awamir and Aba Salil according to a press statement issued by the Ministry yesterday.

The total number of eligible applicants who will be participating in the lottery to be held publicly and with transparency is 2994. This is a little over double (202 percent) the number of plots of land that are to be offered for allotment the Ministry statement added.

The Ministry has invited all eligible applicants to attend the lottery.

The plots according to earlier media reports are to be allotted on nominal annual rent on a lease of 30 years. The plots are meant to be used for developing facilities such as warehouses for cars assembly units and cold storages and to build shops and showrooms commercial offices labour camps workshops service centres and depots.

Priority in allotment is to be given to 100 percent Qatari companies and the idea is to encourage small and medium-sized enterprises (SMEs) which hold the key to Qatar’s economic diversification effort.

One of the main eligibility criteria was that the applicant must provide a clear-cut business plan and bank guarantee depending on the size of the land applied for.

The Ministry said that it had received from the eligible applicants cheques as bank guarantee for a total amount of QR1.87bn.

The minimum plot areas are 1000 to 2000sqm for smaller companies whereas bigger players can apply up to 67000sqm according to earlier reports.

As is the usual practice aside from the lottery winner nominees might also be chosen for each plot to cover up for the possibility of failure of the winner to pay up the full amount and take possession of the plot.

The Ministry statement yesterday said that more land was being developed in both South of Al Wakrah and Birkat Al Awamir zones. Total space in the three zones will be over 7.42 million sqm.

The Peninsula

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.