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Tue 4 Nov 2014 11:20 AM

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Qatari developer Barwa acquires half of Lusail Golf development

Developer has previously struggled with debt, leading it to offload assets and cut staffing costs

Qatari developer Barwa acquires half of Lusail Golf development

Qatar's largest listed developer Barwa Real Estate acquired a 50 percent stake in Lusail Golf Development for QAR2.48 billion ($681.08 million), the company said in a statement on Tuesday.

The stake was purchased through Barwa International Company, a subsidiary of the property firm, it said in the statement.

Barwa has struggled with debt, leading it to offload assets and cut staffing costs. Qatari Diar agreed to buy Barwa's assets worth $7.1 billion last June, which included its stake in unlisted Barwa Bank.

It made a net profit of QAR673.4 million ($184.93 million) in the nine months to September 30, up from QAR467.4 million in the year-earlier.

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