Qatar Ports Management Company (Mwani Qatar) has entered into a deal with Qatar Navigation (Milaha) to establish a new joint venture (JV) company, QTerminals, to manage Hamad Port in Doha, Qatar.
As per the deal, 51% of QTerminals will be owned by Mwani Qatar and the remaining 49% will be owned by Milaha.
QTerminals will operate as an independent company with its own board of directors, executives and staff while managing the Hamad Port.
Developed with an investment of QAR27bn ($7.4bn), Hamad Port is scheduled to become fully operational by 1 December this year, reported Doha News.
Qatar transport and communications minister Jassim Saif Ahmed Al Sulaiti was quoted by Qatar News Agency as saying: "This strategic partnership reaps the benefits of several years of strong collaboration and ties between Mwani Qatar and Milaha, which have brought about this common plan for managing Hamad Port, one of the country's vital megaprojects and which will serve as Qatar's gateway to world trade."
Once fully operational, the port is expected to help increase Qatar's imports, exports and global maritime trade, as well as support growth and economic diversification across the region.
Mwani Qatar chairman Ali bin Jassim bin Mohammad Al-Thani said: "Our partnership with Mwani Qatar is a continuation of our longstanding relationship, which will continue to work toward achieving Qatar's vision of becoming a global trade and logistics hub.
"Hamad Port is one the world's largest port development projects.
“It will herald a new era of uniqueness and pioneering in the area of commercial port development in Qatar and the wider region.”
Hamad port, which is still undergoing development, will feature a customs inspection area for rapid cargo clearance, a port control tower at a height of 110m, a ship inspection platform and other maritime facilities.