Qatar's Top 30 Companies
Fri 05 Sep 2014 01:51 PM
Barwa Real Estate
13

Barwa Real Estate

Industry: Property

Designation: Ahmad Abdulla Ali Al Abdulla, acting CEO

It’s been a tough year for Barwa Real Estate, which has just replaced former group chief executive Abdulla Abdulaziz Al Subaie with new boss Ahmad Abdulla Ali Al Abdulla. The company has struggled to cope with its debt pile, and has been busy cutting its workforce and selling assets. Last June, it sold off $7.1bn worth of assets, including its stake in Barwa Bank, to Qatari Diar, the real estate investment arm of Qatar Holding, which holds a 45 percent stake in Barwa. It also sold a 95 percent stake in Barwa Commercial Avenue to the same entity this June. The company reported a net loss of $11.8m in the second quarter, compared to a similar-sized profit in the same quarter a year earlier.