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07-05-14

Qatar's Barwa sells its USD2.08 b Barwa City project

(MENAFN) Qatar's property developer Barwa Real Estate has recently announced the selling of its Barwa City project at USD2.08 billion for the property arm of the country's sovereign wealth, according to Arabian Business. Barwa said in early June that it plans to sell assets worth as much as USD7.1 billion to Qatari Diar. Barwa said that the Barwa City project will be sold to Labregah Real Estate Company, which is fully- owned subsidiary of Qatari Diar. The Doha-based developer posted a 6.7 percent growth in its net profit for the first three months of the current year.