Barwa sells two plots for QR5.34bn to Qatari firm

Barwa Real Estate is selling two land plots to a private Qatari company for a total of QR5.34bn as it seeks to venture into new projects.

One of the plots will be sold for QR2.63bn by the end of this year; while the other one for QR2.71bn will be completed by the first quarter of 2015, a Barwa spokesman confirmed in a communiqué to the Qatar Stock Exchange. However, no further details regarding the buyer or the extent of the plot were furnished by Barwa.

The communiqué merely said the buyer is a Qatari company with limited liability and is not a subsidiary of any listed company.

“There is no conflict of interest between the parties involved in this transaction, or the board members of Barwa and the purchasing entity,” the spokesman said.

This transaction aims at increasing the available liquidity with Barwa to cover its financial obligations, and allows Barwa to consider venturing in new projects and investments that have positive returns, which supports the financial position of the company, and increases the revenue for its shareholders, he added.