VINCI Park and Qatari Diar create a joint company to operate car parks in Qatar

VINCI Park recently signed an agreement with Qatari Diar Real Estate Investment Company (Qatari Diar) to create QDVP, a joint services company that will specialise in design and operation of car parks and on-street parking facilities.

This company, held 51% by Qatari Diar and 49% by VINCI Park, will operate in Qatar under the MaWaKif brand, with the same standards of quality and services fielded by VINCI Park in Europe and North America.

QDVP is expected shortly to sign its first contract to operate a car park in Doha. It will also contribute its expertise to QDVC, set up by Qatari Diar and VINCI Construction Grands Projets, which is currently building four 560-place car parks and studying a number of parking sites in Doha.

The creation of QDVP is the first illustration of the strategic partnership between VINCI and Qatari Diar, finalised on 14 April this year via injection of Cegelec into VINCI in exchange for Qatari Diar taking a 5.78% stake in VINCI's capital.