Qatar Navigation (Milaha) is planning to form a new joint venture with Qatar Ports for a new terminal.

Local daily newspaper Al Sharq reported that the new company will have QAR 1bn ($274.6m) in capital to manage operations at Hamad Port.

Hamad is a new facility south of Doha and is expected to be the world’s largest greenfield port development project.

Milaha reported a profit of QAR 553m in the first six months of the year, a dip from QAR 651m in the same period of 2015.