Barwa to develop property in Sudan

by Ola Galal Sunday, 04 May 2008

Qatar's Barwa Real Estate Company, the country's largest developer by market value, said on Sunday it bought land in Sudan to develop commercial and residential properties.

Barwa, which operates according to Islamic law, also plans to set up an investment firm in the African country, it said in a statement on the Qatari bourse website.

It did not give the value of the projects or say when Barwa Sudan would start operations.

Barwa International's licence also allows it to build a hotel, hotel apartments, an international school, and a university, it added.

Real estate firms in the Gulf Arab region are expanding outside their home markets, buoyed by windfalls from a near six-fold surge in oil prices in the last six years. Qatar is the world's largest exporter of liquefied natural gas (LNG), and its economy expanded 12.5% at current prices last year.

Barwa's shares have rallied 64.52% this year, outperforming the country's measure, the Gulf Arab region's second-best performer, which rose 18.12%.

Its shares were trading up 3.24% at 0846 GMT. (Reuters)

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