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Thu 28 Jan 2010 12:40 AM

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Qatar's Barwa to launch $412m tender

Country's 2nd largest developer to increase asset value to $100bn from $40bn within 10 years.

Qatar developer Barwa Real Estate, which will takeover Qatar Real Estate Investments, will launch a $412.3 million tender this month to provide amenities for its Barwa City project.

The contract will include the largest mall and hospital in Qatar, Khalid al Nasr, the project's managing director told reporters on Wednesday.

Six contractors have prequalified to bid for the project, he said, declining to name them.

The second largest developer in the country by market value plans to increase its asset value to $100 billion from $40 billion in the next ten years, Nasr said.

Phase one of Barwa City, estimated at $2 billion, will be completed in June 2011, Nasr said, adding the second phase will be larger than the first, but did not give a value or timeframe for completion.

The contractor for the project is Germany's Bilfinger Berger.

The project will have approximately 25,000 residents and a 128 multi storey building. (Reuters)