Qatar signs funding deal for logistics project

Qatar’s Masraf Al Rayan has signed a deal with the government to provide QR1.8 billion ($494.4 million) of financing that will be used to build the largest logistics project in the country’s south, a bourse filing said on Sunday.

 State-run Economic Zones Company (Manateq) and a committee of the Ministry of Economy and Commerce signed the deal with the Islamic lender.

 This will enable the committee to build the project and provide land for investors, the statement added. It did not provide further details on the terms or type of financing agreed. The development is located in Wakrah, about 20 km south of Qatar’s capital Doha.