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Tue 31 Aug 2010 04:28 PM

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Barwa delays $8.3bn Al Khor project on market slump

'We are pacing ourselves according to the market,' Qatari developer says.

Barwa delays $8.3bn Al Khor project on market slump
QATARI BARWA: Barwa is Qatars second largest developer by market capitalisation. (Getty Images)

Qatari developer Barwa Real Estate Co said on Tuesday it has delayed its 30 billion riyal ($8.25 billion) Al Khor project, due to sluggish market conditions.

"We have to take into account market conditions. We are pacing ourselves according to the market," a Barwa spokesman told Reuters.

The project, a mixed-use city north of Doha was originally expected to be completed in 2015, but the spokesman declined to give a new completion date.

"Some projects are coming on stream now, others at a slower speed due to market conditions," he said.

"We are not announcing any cancelations today," he said.

Projects which are continuing on schedule and set to launch in the next month or two include Barwa Al Saab, Barwa Village, Masaken and Barwa Commercial Avenue, he said.

"These are projects that are built and that people are moving into, and are well on their way to reaching completion."

Barwa, Qatar's second largest developer by market capitalisation, is an affiliate of the country's sovereign wealth fund, the Qatar Investment Authority, which holds a 45 percent stake in the company. ($1=3.638 Qatari riyals) (Reuters)

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