Doha: Barwa Real Estate is planning to launch residential and commercial projects in the current year.
Speaking at company’s Ordinary Annual General Meeting Salah bin Ghanim Al Ali, Chairman, Barwa Real Estate said Barwa has an exciting land bank of opportunities which are being assessed to identify the best use of the company’s assets with the aim of maximising shareholder value. “As Barwa continues on the path to develop integrated communities, another project that will be launched soon is Fox Hills North located in the city of Lusail. This project once completed will have about 3,000 units,” he said, adding that Phase I of this project is Dara, which will be offered to the public this year. “Construction works also expected to start on Barwa Al Doha, which will be developed as a strip retail catering to local merchant traders,” he said.
Barwa had acquired the strip of land on the eastern boundary of Barwa Village in December 2012, which has good road frontage with high passing traffic and it controls the arrival experience into Barwa Village making the land attractive to retail tenants. “During 2014, we are planning to start development of the land as retail space,” he said.
“The company is progressing with development of Barwa Al Baraha Phase-2, which is an extension of current Baraha Phase-1. Both phases together will accommodate 53,000 workers and is considered the largest workers accommodation in Qatar and the GCC,” he said.
He said Barwa Al Sadd Hotel tower, which was sold to Katara Hospitality, is almost complete and will start operations in the second quarter of 2014. Barwa Al Khor residential project consisting of 300 residential apartments and 50 villas for Qatar Shell staff is progressing well and is on target to achieve the contractual completion date of fourth quarter of 2014.
Shareholders discussed the Board of Directors’ proposal for profit distribution which recommended a cash dividend of 20 percent from the outstanding share capital amounting to QR2 per share, for profit distribution of the year ended 2013, which was approved by all shareholders.