DOHA: Hitmi bin Ali Al Hitmi is the new chairman of Barwa Real Estate Company. He replaces Ghanem bin Saad Al Saad. Dr Mohamed Asad Al Emadi, the CEO, has been appointed as managing director of the company.
Barwa picked a new board at the annual general meeting (AGM) of its shareholders here on Tuesday. The board has seven board now instead of five. Abdullah Turki Al Subei is the member of the board, while Mohamed Ibrahim Al Sulaiti, Khalid Mubarak Al Dulaimi, Mohamed Abdulaziz Al Saad and Yusuf Ali Al Obaidan, represent on the board private sector shareholders.
Tabling at the AGM the financials of the company for 2010, the outgoing chairman, Al Saad also talked of the company's recent deal with Qatar Petroleum to sell off the upcoming Barwa Financial District (BFD) in the West Bay. The BFD consists of nine office towers and is to be completed in early 2013.
He did not mention the value of the deal but said that Barwa has got 20 percent more than the cost of the project. The cost of the project, according to media reports filed at the time the project was launched in November 2009, was $1.4bn.
Cash dividend
Meanwhile, Barwa Real Estate announced yesterday that, based on Barwa ordinary and extra-ordinary general assembly held yesterday, that its ex-board of directors has approved the distribution of 10 percent cash dividend per share (QR1 per share), totaling QR389.1m, for 2010.
Keen to meet Barwa shareholders' expectations, the ex-board of directors has approved the cash dividends and withdrew its recommendation to reinvest 100 percent of 2010 profits.
Barwa also clarified that shareholders eligible to receive cash dividends are those holding Barwa shares as at the end of trading session on Monday (April 4, 2011). The distribution shall be through issuing dividend cheques that will be served via registered post to the official mailing address of the shareholder as registered with Qatar Exchange.
© The Peninsula 2011
