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Science & Technology Park
 

QATAR HOLDING ANNOUNCES COOPERATION INITIATIVES WITH QSTP, VOLKSWAGEN AND PORSCHE

Doha, 15 March 2010: Qatar Holding announces today that it has signed a Letter of Intent (LOI) which sets out the foundation for a series of cooperation initiatives between Qatar Holding (QH), Qatar Science & Technology Park (QSTP), Volkswagen (VW) and Porsche SE (PSE).

This agreement seeks to develop further cooperation between QH, Volkswagen and Porsche subsequent to QH investment in these German automotive companies in August 2009. As previously announced QH investment in Porsche envisaged the establishment of R&D and testing facilities in Doha, as well as other avenues of cooperation. Seven specific initiatives are covered in the LOI which has been signed today.

These initiatives include areas such as education, research and commercial applications of a broad range of technologies; including both engineering and fuel technology. These initiatives are broadly in line with the objectives of Qatar National Vision 2030. With the signing of the LOI, QH will be leading a complex process to generate additional benefits for the State of Qatar via its international investments. The participation of QSTP is aimed at amplifying the impact of potential benefits to be realized from the cooperation initiatives with Volkswagen and Porsche.

Ahmad Al-Sayed, Managing Director and CEO of Qatar Holding said:"We hold the view that our international investments should not just generate financial returns, but where possible also create additional benefits for the State and people of Qatar. We are delighted to extend and strengthen our relationships with these world class companies. This important new cooperation venture will look to create benefits for the state of Qatar, commercially and socially, and hopefully have a positive impact on all participants. We look forward to working closely with all parties as we develop these initiatives towards realization".

Qatar Science & Technology Park's Executive Chairman, Dr Tidu Maini, said:

"QSTP is involved in the development of a range of proprietary technologies with applications in the automotive sector and access to infrastructure necessary to undertake further applied research with leading organisations such as Volkswagen and Porsche. We believe therefore that there are substantial potential synergies in working together in areas such as materials technology, driving simulators and engine efficiency".