Qatar Holding has signed an agreement with Qatar Science & Technology Park (QSTP), Volkswagen and Porsche to set up research and development facilities in the Gulf state.
The memorandum of understanding seeks to develop further cooperation between the four companies following Qatar Holding's investment in the German car makers in August 2009.
The investment in Porsche and VW had envisaged the establishment of research and development and testing and training facilities in Doha, as well as other avenues of cooperation, a statement said on Tuesday.
The new agreement will see a management committee and technology steering committee set up to oversee the joint venture activities.
It identifies six initiatives in areas such as education, research and commercial applications of a broad range of technologies; including both engineering and fuel technology.
Ahmad Mohamed Al-Sayed, managing director and CEO of Qatar Holding said: “This important new cooperation venture will look to create benefits, 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, added: “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."
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