This project will expand the number of lanes from 8 to 14, enlarge the highway by 4.5km and build a new 4km long section, said a news statement.
The value of the project is estimated at $617.93 million and was recently awarded to Daewoo E&C by the Public Work Authority (Ashghal).
“Qatar is one of the key countries we are operating in and this is the second financing deal signed with QIB following the $100.24 million facility granted in 2016,” In-Hwan Cho, Daewoo E&C, Head of Finance, said in a media statement.
The company began its activities in Qatar in 2005 with Ras Laffan Refinery project, and so far the company has been awarded 5 projects, worth a total of $2.4 billion. They expect to secure more infrastructure projects related to 2022 FIFA World Cup.
Qatar continues to be the fastest-growing construction market in the Arab Gulf region, with the sector expected to account for 45% of the country’s investments between 2015 and 2018.
Gross domestic product (GDP) growth in the non-hydrocarbon sector hit 5.6% in 2016, with the construction industry as the largest contributor.
In line with Qatar Vision 2030, the country has earmarked $12.5 billion in investments for 2017 and industry analysts predict the market to peak within the first half of the year, according to a news report.
The country is seen heading towards a major construction boom as mega-infrastructure projects get underway such as underground railways and several stadiums, as well as a substantial number of industrial and private buildings for the upcoming FIFA 2022 World Cup.