Barwa Group, Qatar’s largest real estate company, is to expand outside the Gulf state and is exploring potential projects in the US, UK and Turkey, a senior executive told Arabian Business.
Last month, Barwa unveiled Dara, the Gulf state’s first residential project open to foreign ownership, and announced plans to build a $5.5bn island off the coast of Doha with floating hotels to house soccer fans expected to flock to the country for the World Cup in 2022.
At present, the majority of the firm’s activities are within Qatar but Abdulla Abdulaziz Al Subaie, Barwa Group CEO, told Arabian Business the real estate group is now exploring opportunities abroad.
"Most of our investments are inside Qatar, because we are finishing our developments, but this doesn't mean we are not doing international: we are exploring opportunities outside [Qatar]... We have seen something in the United States, United Kingdom and Turkey," Al Subaie said.
Barwa is currently the largest publicly listed real estate company in Qatar in terms of real estate developments and the group recorded a total asset value of approximately QR50.2bn ($13.7bn) at the end of 2012.
Qatari Diar, a company owned by the Qatar Investment Authority, holds a 45 percent share in Barwa.
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