Barwa plans multi-billion USD new projects in Qatar
The Peninsula, 17 March 2016
Qatar-based Barwa Real Estate Company plans to develop several new projects this year including a 350-unit residential project and a workers accommodation besides readying the master plan for a 3.6 million-sq-m golf city project in capital Doha, said a report.
Barwa’s goals for 2016 include starting key projects like Dara A project in Lusail City, the Phase One of Madinat Al Mawater Project and Mustawdaat project and the extension of Barwa Village project, reported The Peninsula, citing the company chairman.
Also in the pipeline are housing projects such as the one in Al Khor region comprising 300 residential apartments and 50 villas and also the Phase Two of the Barwa Al Baraha workers accommodation, consisting of 16 residential buildings, said Salah bin Ghanim Al Ali, who is also the Minister of Culture and Sports.
He was speaking at the company’s annual general assembly meeting where he endorsed the recommendation of board of directors to distribute cash dividends of 22 per cent, equivalent to QR2.2 per share.
During 2014 and 2015, Barwa had conducted a comprehensive re-structuring process, which included sale of a number of assets to cut debt and boost the company’s financial position and ensure the availability of sufficient cash balance to cover group operations, he added.