| 08 Mar 2010 |
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BARWA Financial District sale to Qatar Petroleum negotiations still underway
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- BARWABARWA
denies negotiations over government saleDoha, Qatar, March 8, 2010: BARWABARWA
has confirmed that it is still involved in highly positive negotiations with Qatar PetroleumQatar Petroleum (QP) over the planned sale of the BARWA Financial District to the world's largest liquefied natural gas producer. BARWABARWA positively sees these negotiations to achieve the best interest of both parties. BARWABARWA denies that it is currently involved in talks to sell its BARWA City project to a government buyer. Because construction is still underway, there has not yet been a finalised lease pricing structure for BARWA City properties. The marketing strategy of Barwa City is still being evaluated to accommodate the current market conditions though BARWABARWA expects to launch a major marketing campaign during the 2nd half of the year for the lease of Barwa City.
-Ends-
About BarwaBarwa:
BarwaBarwa is one of the premier organizations in the State of Qatar. As the name "BarwaBarwa" or "Contractual Commitment" suggests, we are inspired by our vision of a glowing future for Qatar.
With business interests in real estate & project development, property & facility management, construction material production, environmental activities & health, banking & finance, hotels & resorts, technology & utility, knowledge & communications and agriculture; BarwaBarwa
is driven by the conviction that people deserve a comfortable living and working environment. With extensive operations in Qatar and around the world, we believe that every BarwaBarwa project is the seed for an incredible journey, where our greatest achievement is realizing the dreams of our stakeholders.
About BarwaBarwa
Financial District:The BarwaBarwa
Financial District is an integrated mixed-use development built on a 71,000 sqm plot, envisioned to meet the needs of the prestigious global, regional and local business leaders with high quality office space, solid infrastructure, state-of-the-art technology and parking facilities for more than five thousand cars. Future tenants, owners and visitors of the BARWA Financial District will also enjoy leisure facilities including a luxury hotel and spa, conference center and outdoor plaza. In addition, high end retail stores and services are provided. The 9 office towers and luxury hotel, averaging 21 to 52 floors are strategically located in a prominent position in Doha's West Bay area. BarwaBarwa Financial District is a sustainably designed development which is expected to complete in 2013.About Barwa City:
The QR 7.3 bn Barwa City will be built on a sprawling 2.7 million sqm plot in Mesaimeer and will offer its tenants and investors 128 residential buildings and nearly 6,000 apartments. Developed in two phases, Barwa City Phase 1 will be completed by the middle of 2011. The first phase of the development includes the construction of the residential units that will accommodate up to 25,000 tenants with associated amenities including schools, kindergartens, mosques, a bank, shopping centre and multipurpose hall. The development will also include district cooling for cold water and climate control and LPG for hot water and cooking. The second phase which is currently in design stage, will include the major construction of further schools, a 250-bed hospital, nurseries, banks, commercial complexes and a hotel.
For more information, please contact:
Communication Division
BarwaBarwa
Real EstateTel: +974 499 2126
Tel: +974 586 5299
Email: communication@barwa.com.qa
© Press Release 2010
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