BARWA ANNOUNCES A NEW DEAL WITH THE QATARI GOVERNMENT

01/10/2014 11:45 AST

Barwa Real Estate signed a new deal to maximize the group’s profit and consequently shareholders returns. Barwa announced yesterday signing an agreement with the Government of the State of Qatar under which the government buys a land plot in Lusail City from Barwa. The transaction is stated to be worth two billion five hundred forty four million Qatari Riyal (QR 2,544,000,000).

This sale took place in a mutual agreement with the Government of Qatar which will later determine the best use of Lusail land as per the recommendations of the relevant bodies in the government.

Barwa has received one billion forty four million Qatari Riyal (QR 1,044,000,000) in cash as part of the signed agreement value, while the remaining one billion five hundred million Qatari Riyal (QR 1,500,000,000) was settled against Bank facilities

This transaction is expected to reduce the cost of finance related to the settled facilities, which should have a positive impact on the financial position of the group.


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