Qatar's Barwa to sell $4.4bln in assets to repay loans

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Barwa Real Estate plans to sell assets worth 16 billion riyals ($4.4 billion) in Qatar and Egypt to pay down loans, the Qatari property firm said on Sunday.

The assets being sold include land in the Gulf Arab state as well as the Barwa New Cairo project in Egypt. The sale will be reflected in fourth-quarter results, Barwa said in a statement.

Qatar's property market is still recovering from oversupply that saw prices slump in the aftermath of the global economic crisis in 2008. Investors are hoping its successful bid to host the 2022 soccer World Cup will reignite a boom in the sector.

Last year, Barwa laid off approximately 90 employees in a restructuring move, sources said.

In May, group Chief Executive Abdulla al-Subaie said costs had been reduced as a result of restructuring, and the company was now focused on improving the operational side of the business.

Earlier this month, Barwa's deputy group chief executive said it was looking to invest in the London property market before the end of the year, without giving details on potential targets or how much it was willing to invest.

Barwa, Qatar's largest listed property developer, is 45-percent-owned by Qatari Diar, the property arm of the country's acquisitive sovereign wealth fund, the Qatar Investment Authority.

Shares of Barwa are up 0.7 percent on the Doha bourse at 0845 GMT.

Related:

Market Performance

Barwa Real Estate Company
40.6
0.6 1.5 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trump casino resort business files for bankruptcy

Trump casino resort business files for bankruptcy

The Donald founded the companies but is now suing them to have...

Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

3
Most Discussed