DOHA: Qatarís Masraf Al-Rayan has signed a deal with the government to provide 1.8 billion riyals ($494.4 million) of financing that will be used to build the largest logistics project in the country’s south, a bourse filing said.

Economic Zones Co. (Manateq) and a committee of the Ministry of Economy and Commerce signed the deal with the Islamic lender.

This will enable the committee to build the project and provide land for investors, the statement added.

The development is located in Wakrah, about 20 km south of Qatar’s capital Doha.