Qatar's Barwa to launch five new firms

by Daliah Merzaban Thursday, 03 April 2008

Qatar's Barwa, the country's largest property developer by market value, said on Thursday it planned to set up five new companies, including a 500 million riyal ($137.4 million) property management firm.

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Barwa, which operates according to Islamic law, also plans to start a media services firm, a training and education firm, and a technology company, each with 2 million riyals of capital, it said in a statement on the Doha bourse Web site.
Barwa will also take a 30% stake in 50-million-riyal firm that will hold and manage real estate in Lusail, an energy city in Qatar, it said.

It did not say when Barwa Projects Management Co, Barwa Media Co, Barwa Knowledge Co, Barwa Technology Co and Barwa Lusail Ltd would begin operations.

Shares of Barwa Real Estate Co , in which government-owned Qatari Diar Real Estate & Investment Co owns 45%, were up 3.79% at 0803 GMT.

Qatar is the world's largest exporter of liquefied natural gas. Its economy expanded 12.5% at current prices last year. (Reuters)



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