Hyundai Engineering & Construction Co. and a joint venture partner HBK Contracting Co. signed a 1.56 billion-riyal ($430 million) agreement today to build the first phase of an urban redevelopment project in the Qatari capital, Doha.

Phase 1A of Dohaland’s 20 billion-riyal Musheireb project includes the construction of four government buildings in one of the oldest parts of Doha. The development brings the value of Hyundai’s five projects in the Gulf state to $4.4 billion, including a power plant and gas-to-liquids plant, Kyung Suk No, general manager of the company’s Doha office said.

Qatar, holder of the world’s third-largest natural gas reserves, is investing growing petroleum revenue in developments to provide housing for a population that the government forecasts will grow 50 percent to 2.6 million by 2030.

Dohaland is a subsidiary of the state-controlled Qatar Foundation, which is chaired by Sheikha Mozah Nasser bint Nasser Al-Missned, the Emir’s wife. [Read More]