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Qatar: Barwa Financial District to become QP headquarters

By Satish Kanady DOHA: Qatar Petroleum ( QP ) has announced its decision to take over all the nine towers and a luxury hotel coming up at the Barwa Financial District (BFD), which would in turn become the headquarter of QP by 2015. The Minister of Energy and Industry and Chairman and Managing Director of QP H E Dr Mohammed bin Saleh Al Sada announced the decision after signing a 'sales of completion' agreement for the BFD with Hitmi Ali Khalifa Al Hitmi, Chairman, Barwa Real Estate Company , today.

As the original plan of Barwa was to develop nine towers and a hotel, the minister's announcement means that QP will virtually take over the entire 696,000sqm iconic BFD being developed by Barwa Financial District Company, a subsidiary of Barwa Real Estate Company . Upon completion of the project, the QP will re-locate it's headquarter and the other entities BFD.

"This is the first time in the history of QP that all its entities are coming under one roof. It is great that QP having such a wonderful place to locate its headquarter.. It's a win-win situation for both the QP and Barwa", the minister told the media. The project is expected to be completed by 2015. But we would get some towers a little earlier, he added.

Asked whether the QP would take over the entire BFD, the minister said: "We will be taking over nine towers plus the hotel."

Dr Al Sada said the entire activities of QP and its subsidiaries would move into the new location in the next three years.. However, the operations of QP 's Research and Development (R &D) sector will continue to remain at Qatar Science and Technology Park (QSTP). All the nine towers and the hotel will be fully owned by QP . The initial value of the project, including the land, is QR11bn. QP is making payment according to the progress in the project works.

He expressed his delight at the completion of the sales agreement. "It's great that two big Qatari entities are joining hands for the fulfillment of a great project", Dr Al Sada said.

Al Hitmis said: "We are proud to partner with Qatar Petroleum on the Barwa Financial District project. We are keen on working hard to provide the best real estate services possible and thereby fulfil the future aspirations of Qatar Petroleum ".

The Barwa had sealed a sales framework agreement with QP in March 2011. As per the agreement, the Barwa Financial District Company, a subsidiary of Barwa Real Estate Company , was mandated to develop the BFD, covering an area of 696,000 square metres.

The BFD's design is inspired by elements of the local Qatari culture and heritage, which is conceptualised to create a central hub and meet the needs for both local and international businesses in Doha with Grade-A office space, solid infrastructure, state-of-the-art technology, and parking facilities for more than five thousand vehicles.

The under-construction towers average 21 to 36 floors and will occupy a prominent position in the West Bay area of Doha. Crowning the Barwa Financial District is its 50 storey high tower which is well on its way to become one of Doha landmark sights and an icon of the city's skyline. BFD will be among the first certified sustainably designed developments in the Middle East.

© The Peninsula 2011