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Construction of Qatar's new QR27bn ($7.4bn) port is set for completion by the first quarter of 2016, Bloomberg has reported. Around QR8bn of contracts for dredging and other work have already been awarded, said the project's executive director, Nabeel Mohamed al-Buenain. The project should be completed below budget, he added. To be located to the south of the capital, the new port will relieve congestion at the existing port, which is operating above capacity, al-Buenain said.