Qatar’s Barwa to sell assets in 2010, 2011

07 Apr 2010

(MENAFN) The Managing Director of Qatar’s Barwa Real Estate said that the company will continue to sell assets in 2010 and 2011 to meet its obligations after it repaid $1.18 billion in Islamic financial facilities, QNA reported.

He said that Barwa, the fifth largest developer in the Gulf Arab region by market value, repaid the sum through the sale of some assets and on settlement of claims for projects undertaken for the government and other third parties.

Barwa, which is in the process of taking over Qatar Real Estate (Alaqaria), said in March negotiations were still underway on the sale of Barwa Financial District to Qatar Petroleum, and denied it was in talks to sell its Barwa City project to a government buyer.

The company’s Chief Financial Officer said in April last year it was mulling asset sales to boost profit in the first half of the year.

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