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Sun 14 Feb 2010 08:21 AM

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QP 'in talks to buy Barwa Financial District'

Qatar Petroleum will use district as its centre for administration and financial activities.

QP 'in talks to buy Barwa Financial District'
NEW SKYLINE: Doha is home to a series of new real estate developments.

Qatar Petroleum (QP) is considering the purchase of the 71,000sq m Barwa Financial District at West Bay, in order to use it as a corporate centre for administration, general operations and financial activities.

Barwa said it has “reached a deal to begin discussions to sell Barwa Financial District to QP”, according to Qatari Daily newspaper the Gulf Times.

“In light of the current economic situation, Qatar Petroleum needed to have an answer for its current and future headquarters requirements and the Barwa Financial District is that solution,” said Deputy Premier and QP chairman Abdullah bin Hamad al-Attiyah, according to the newspaper.

Barwa Financial District offers high-end office space with state-of-the-art technology, as well as facilities including a luxury hotel and spa, conference centre and outdoor plaza. It is, according to the newspaper, among the first sustainably designed developments in the region.

“We welcome enthusiastically the sale of the Barwa Financial District to QP. The project has been designed to house and service the world’s leading companies and we’re proud to announce that it will,” said Barwa chairman and managing director, Ghanim bin Saad al-Saad. “While QP has worked tirelessly through the years to develop Qatar’s oil and gas sector, Barwa has worked in tandem to develop the country’s infrastructure.”