Barwa to sell City Project to Qatari Diar subsidiary

May 08, 2014 - 4:13:37 am

Doha: Barwa Real Estate Company has signed a QR7.57bn  ($2.08bn) deal to sell Barwa City project to Labregah Real Estate Company, a wholly-owned Qatari Diar Real Estate Investment Company subsidiary.

The transaction is subject to conditions and the purchase price is subject to adjustment, according to a statement by Qatar Exchange yesterday.

On Monday, Qatar’s largest listed real estate company said, this month it is starting work on Package 2 of the second phase of Barwa Al Baraha project, the largest development project for workers in Qatar. 

Package 2 comprises 32 buildings, G+3 floors, and each building will have 130 rooms that will accommodate 24,000 workers. It will also have four dining halls, two playgrounds, two mosques, restaurants and utility shops.

“This is a commitment towards building a society where people from different social backgrounds live in harmony and raising living standards of those with little income,” Barwa said.

 

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