State-owned developer in talks with Vietnamese communist government over £600m investment fund

Qatari Diar is in talks with Vietnam over potential building projects. Qatar’s state-owned developer, which is investing in key UK schemes, including London’s Chelsea Barracks and the Shard at London Bridge, received a delegation from the Vietnamese government this week. The communist party officials met Qatari Diar at its flagship project, Lusail, a $5.5bn (£3.4bn), 35km² city under construction north of Doha.

Ghanim Bin Saad Al Saad, chief executive of Qatari Diar, said: “Vietnam is central to Qatari Diar’s continual expansion and delivery of world beating developments.”

In March it was reported that the governments of Qatar and Vietnam were discussing setting up a $1bn (£600m) fund to invest in agriculture and tourism.

Last year Davis Langdon ranked Vietnam as the world’s fourth fastest growing construction market because its spending on building projects is predicted to increase by 7.5% between 2007 and 2010. It spent £3.6bn on construction in 2007. Current projects in Vietnam include a $1bn (£600m) airport on the on the tourist island of Phu Quoc off the country’s southern coast.