Doha, June 04 (QNA) - Qatar Investment Authority (QIA) and Msheireb Properties have signed a strategic partnership to accelerate the expansion of sustainable urban projects in the State of Qatar.

Under the agreement, QIA will become a strategic shareholder in Msheireb Properties, joining Qatar Foundation for Education, Science and Community Development, which retains its majority stake of 51%. QIA has acquired a 49% stake in Msheireb Properties, underlining its confidence in the company's pioneering approach and integrated model for developing sustainable and human-centric smart cities.

The partnership aims to fast-track innovative, human-centric real estate initiatives aligned with Qatar National Vision 2030 and the country’s drive for economic diversification and environmental sustainability.

It also aligns with QIA’s mandate to support the development of a competitive Qatari economy and support the advancement of Qatar’s Third National Development Strategy (NDS3).

The collaboration opens new avenues for Msheireb Properties to expand its award-winning model, following the success of Msheireb Downtown Doha, the first fully redeveloped and sustainable city district in the world.

The partnership reinforces Qatar’s ambition to lead as a global hub for sustainable development, especially in light of international efforts to reduce emissions and achieve carbon neutrality.

As cities worldwide race to reduce emissions, this Qatari-backed partnership signals a bold move to lead the booming smart cities sector, with sustainability at its core. (QNA)