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Tue 24 Mar 2009 11:57 PM

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BARWA Real Estate rides out market turmoil

Board member Ali Al Hitmi says Qatar-based company realised strategic goals in 2008.

Qatar-based BARWA Real Estate Co realised its strategic goals of local, regional and international expansion last year, board member Ali Al Hitmi said at the company’s AGM held at the Marriott Hotel, Doha, Tuesday.Shareholders approved the company’s accounts, which showed assets jumping to 24 billion riyals in 2008, from 15.6 billion riyals previously.

Earnings rose by 55.9% from 902 million riyals in 2007 to 1.406 billion riyals for the year ending December 31 2008. But net profits were down 43 percent to 310 million riyals.

Mr Al Hitmi gave an update on the 35 billion riyals Urjuan development at its Al-Khor project 50 kilometres north of Doha. Aim of the project is to develop a modern and integrated city leading to the Al Khor area becoming a leading tourist destination.

The project will also help connect the northern industrial cities with Doha.

On an international level, BARWA added to its European investment portfolio the "Shard of Glass" project, the tallest tower in London, which will be built near London Bridge.

In addition, the company has acquired two hotels in Switzerland - in line with its objectives of developing a balanced portfolio of 'high value estate assets'.