Barwa Real Estate Group Chairman H E Salah bin Ghanem Al Ali and other Board Members during the Ordinary General Assembly Meeting, yesterday.
Doha: Qatar’s real estate major Barwa Real Estate Group, yesterday announced it will further enhance it strategic partnership with the government of Qatar to address market needs, including to develop various real estate projects as per the country’s emerging Public Private Partnership (PPP) initiative.
Addressing Barwa Real Estate Group’s Ordinary General Assembly Meeting, yesterday, the Chairman H E Salah bin Ghanem Al Ali said the Barwa will complete several key project under development in this year. They include the additional works in Mukynis Compound and the car service center as part of the third phase of Madinat Mawater.
Barwa has put together a proposal for the development of Lusail Land, formerly known as Lusail Golf, being a distinct addition to the group’s available land bank, which will give the group a good advantage in developing new projects in the future. The group is also studying a number of promising investment opportunities, in addition to the existing projects, including in the sectors like education, healthcare and hospitality, the Chairman said.
“Barwa will also continue to study a number of investment opportunities, including phase three of Barwa Al Baraha and phase three of Barwa City, as well as the expansion of Umm Shaharian warehouses, preparing a detailed study to determine feasibility of the proposed design ideas and accomplish best use and return for the project,” he added.
Commenting on the Barwa’s 2019 performance, Salah bin Ghanem Al Ali said Barwa Real Estate focused its efforts on the developmental projects that support the Qatari economy. These included the start of leasing activities of Mukaynis Compound, completion of the construction works of Al Baraha Workshops and Storages and completion of the construction works of the second phase of Al Khor Workers Sports Complex.
The Chairman noted that Barwa’s real estate portfolio expanded to include 8,129 residential units, 37,340 residential rooms for workers, 335,981 square meters of commercial units, showrooms and offices, as well as 445,779 square meters of workshops and storages. Barwa Real Estate currently owns a 7.7 million square meters of land bank, 5.2 million square meters of which is land within the State of Qatar.
Having such a rich land bank places the Company in an advantageous position to build more projects to sell or keep as a source of reoccurring revenues.
Barwa also owns 3.6 million square meters in built-up area under operation, offering residential projects, workers accommodation, warehouses, retail showrooms, and office spaces.
The Assembly Meeting ratified the Board of Directors proposal for the distribution of a cash dividend of 20 percent (QR0.20 per share).
Salah bin Ghanem Al Ali expressed deepest appreciation and gratitude to the wise leadership of the Amir H H Sheikh Tamim Bin Hamad Al Thani, and H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, Prime Minister and Minister of Interior. “We also extend our gratitude to the company’s shareholders and employees, for their continuous support to achieve our goals and to serve the interest of our country and its citizens, as well as the Qatar National Vision 2030”, the Chairman said.
The ordinary general assembly meeting was held online, strictly adhering to the directives issued by the government in the face of COVID-19 pandemic.
