Spanish firm Sacyr and Qatar-based UrbaCon Trading & Contracting have been granted a joint contract totaling 1.69 billion Qatari riyal ($464 million) to construct an economic zone in the emirate.

The planned construction will be located near Hamad International Airport, in Ras Bufontas and will be 4.01 square kilometers in size. It will be the smallest of three planned economic zones in the emirate.

"Sacyr gained the construction contract for the infrastructure work of QEZ-1 in Qatar, for 415 million euros," the company said in a tweet Monday.

It is anticipated that companies setting up shop in the new economic zones will receive breaks on taxes and on income duties. However, no official details have been release on how these new economic zones will function in Qatar.

Additionally, Qatar plans on constructing 38.43 square kilometer site in Al Karana and another 33.52 square kilometer site in Um Alhoul. Each of the zones will focus on different business sectors in an effort to diversify the economy and to encourage more private sector businesses.

This first and smallest economic zone is expected to be completed by March of 2017 with the further development of the other zones to finish in 2018 and 2019.