MEED reported that state run downstream energy company Industries Qatar is planning to build a 460 meters tall tower that will be the second tallest building in Qatar.

The 83 storey tower, known as the IQ Tower will be built in the West Bay area of the corniche opposite the Sheraton hotel.

Industries Qatar, a holding vehicle for the downstream activities of state run oil company Qatar Petroleum will use the 71,000 square meters building to house its head office. Industries Qatar estimates the tower will cost QAR 700 million to build but contractors say it is likely to be more.

The tower is one of 3 planned for the area around the corniche. The other 2 are Qatar National Bank’s 510 meter tall tower and Qatar General Insurance & Reinsurance Company’s 50 storey tower. Contractors are preparing to submit bids on October 25th 2009 for the 101 floor QNB building, which will be the tallest in Qatar when completed.

The Qatar General Insurance & Reinsurance Company is preparing to invite contractors to bid for the main construction contract on its estimated USD 200 million Doha World Trade Centre tower.

QP holds a 70% stake in Industries Qatar which oversees the operations of companies such as Qatar Petrochemicals Company, Qatar Fertilisers Company, Qatar Steel and Qatar Fuel Additives Company.

(Sourced from MEED)