Qatar's Barwa Real Estate to develop several new projects in 2016

Posted on 17th March 2016

Qatar's Barwa Real Estate plans to develop several new projects in 2016, said the company in the recently held annual general assembly meeting.

Addressing the shareholders, H E Salah bin Ghanim Al Ali, chairman of the Board and also the Minister of Culture and Sports said that the company's goals for 2016 include commencing development of several new projects, mainly Dara A project in Lusail, phase one of Madinat Al Mawater Project, phase one of Mustawdaat project and the extension of Barwa village project.

Other plans include completion of Al Khor residential project that consists of 300 residential apartments and 50 villas, and completion of phase 2 of the Barwa Al Baraha workers accommodation, consisting of 16 residential buildings.

The company plans to create Lusail Golf project's master plan with a land space of 3.6 million sqm.

"Barwa's team has reviewed all the new projects of the group to ensure optimum benefit, in accordance with the state's development requirements and to increase targeted revenues," Al Ali said, according to Constructionweekonline news report.

"During 2014-15, Barwa conducted a comprehensive re-structuring process, which included selling a number of assets to decrease indebtedness, empower the company's financial position and ensure the availability of sufficient cash balance to cover group operations. The effects of this re-structure were clearly reflected in the financial statements for the year 2015."

The meeting endorsed recommendation of board of directors to distribute cash dividends of 22%, equivalent to QAR2.20 per share.

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