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Obayashi, Bin Khalid Win $687 Million Qatar Building Contract

May 20 (Bloomberg) -- Obayashi Corp., Japan’s biggest builder by market value, and Hamad Bin Khalid Contracting won a a 2.5 billion riyal ($687 million) contract to redevelop properties in the center of Qatar’s capital, Doha.

Msheireb Properties, which is building a 20 billion-riyal development of the same name, commissioned the construction of 11 residential buildings, two office blocks and 84 shops in addition to a hotel and mosque, the company said in an e-mailed statement today.

Qatar, holder of the world’s third-largest natural gas reserves, is investing in infrastructure and development as it prepares to host the 2022 World Cup soccer tournament. The Gulf nation, with the world’s highest per capita income, is planning to spend $200 billion on projects including roads, air-conditioned stadiums and a metro line. It’s also aiming to provide housing for a population projected to climb by about 50 percent to 2.6 million by 2030.

Msheireb, which covers 350,000 square meters (3.8 million square feet), is owned and initially financed by state-controlled Qatar Foundation, which is headed by the Qatari Emir’s wife, Sheikha Mozah Nasser bint Nasser Al-Missned.

The development is being built in four phases, the company said today. The third phase will include 350 homes and 20,000 square meters of retail space. The hotel will include 187 rooms.

To contact the reporter on this story: Zainab Fattah in Dubai at zfattah@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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