Barwa Real Estate Co., Qatar’s second-largest property developer by market value, plans to award contracts to build a 2 billion-riyal ($550 million) residential community for laborers within two months. “We floated the tender now and we expect to award it in July,” Chief Executive Officer Abdulla Al Subai told reporters in Doha. The project will be completed “in phases in the next two years.”
The community, to be built in an industrial area on the outskirts of the capital, will accommodate 50,000 workers and include residential units, catering facilities, recreational areas, Al Subai said.
Qatar, which won the rights to host the 2022 World Cup, plans infrastructure projects that will require laborers to build. These include a $35 billion rail and metro network, a new port, a city for 200,000 people and expansion of a new airport that is due to open this year. The country plans to invest $225 billion in the five years from 2011 to 2016, half of which will be spent on the hydrocarbons industry, according to a government report released last year.
Barwa, which counts government-owned Qatari Diar Real Estate Investment Co. as its biggest shareholder, will complete close to 7,000 homes this year as well at its Barwa City, Barwa Commercial Avenue and Barwa Al Saad projects, Subai said. Outside of Qatar, the company plans to finish a residential project in Istanbul next year, he said.
The company announced plans to build the Lusail Golf Residential Development in a release today. The project will include homes and sport facilities, the company said.
Bloomberg
24 May
