A multinational consortium has secured a $3.7 billion contract to build and operate Qatar’s newest power and water complex, with Sumitomo Corp. as lead investor and Samsung C&T Corp. as the main contractor.
The project will be majority-owned by Qatar’s state utilities, with Qatar Electricity and Water Company holding 55% and Qatar Energy taking 5%. Sumitomo secured a 17% stake as the largest private investor, while Japan’s Shikoku Electric Power Co. will control 11%. Korean partners Korea Southern Power Co. and Korea Overseas Infrastructure & Urban Development Corp. will each hold 6%.
Samsung C&T won the engineering, procurement, and construction contract to build a 2.4-gigawatt gas-fired power plant and desalination facility in Ras Abu Fontas, about 25 kilometers south of Doha. The facility will produce 495,000 tons of water daily using high-efficiency turbines to reduce emissions.
The complex, backed by Korean financial institutions including Export-Import Bank of Korea, represents a shift toward investment-development projects for Korean builders. The venture is exploring carbon capture technology as Qatar aims to meet its Paris Agreement commitments amid projections of 58% higher electricity demand by 2040.
Under a 25-year agreement, the consortium will sell the output to state utility Kahramaa.
