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Mon 2 Mar 2015 12:25 PM

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Qatar's Barwa Real Estate appoints new group CEO

Salman Mohamad Al Muhannadi was previously chief executive of QNB Capital, the investment arm of Qatar National Bank

Qatar's Barwa Real Estate appoints new group CEO

Qatar's Barwa Real Estate has appointed Salman Mohamad Al Muhannadi group chief executive as of March 1, it said in a statement on Monday.

Muhannadi was previously chief executive of QNB Capital, the investment arm of Qatar National Bank, a bourse statement said.

In May last year, Barwa had appointed Ahmad Abdulla Ali Al Abdulla acting group chief executive after his predecessor resigned.

Barwa has struggled with debt, leading it to offload assets and cut staffing costs.

In December, it sold land plots for $1.47 billion to an unidentified buyer.

"The group is currently finalising its new strategy, reviewing current investments to determine best approaches of utilising them and studying potential opportunities," the statement added.

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