QR278.8 million net profit for the first half 2008 and 53.2% rise in total assets
Al-Hedfa: BARWA projects are bolstered by our accurate future strategies and our partners' confidence
Khedr: verification of income resources and geographical expansion are the main reasons behind BARWA's profits
Al-Horr: BARWA residential and commercial projects are seen by everyone in Doha
Doha, Qatar -August 27th, 2008: BARWA Real Estate Company, one of the premier organizations in the State of Qatar, reviewed its half yearly financials in a press conference held at Al Sharq Hotel, Doha. Investors' and journalists' inquiries and questions related to information and figures stated in the half yearly financials for the period ended June 30th, 2008 were answered. The press conference followed BARWA's disclosure of its half yearly financials on August 13th, 2008.
Net profit for the first half of 2008 grew 38.4% and BARWA's total assets surged to QR24.2 Billion, a rise of 53.2%. The record results and impressive performance of the company are due to the qualitative and geographic expansion and verification of income resources.
"Financial results recorded during the first half of 2008 show the increasingly improved performance of the company. Furthermore, projects achieved within schedule increase BARWA's confidence of its future projections and the support the company gets from partners, government and financial bodies, as well as other consultancies and contracting companies," said Mr. Mohammad Al-Hedfa, Chief Officer Special Projects, BARWA Real Estate.
"Despite the turmoil witnessed by the international markets, BARWA's impressive performance is due to the Management team's ability to select prime opportunities available in the regional and international markets and to the existence of a clear strategy aiming at diversifying income resources and risk mitigations," said Mr. Tamer Khedr, Group Chief Finance Officer.
"A clear manifestation of BARWA's milestone achievements towards its goals as planned and approved by the Board of Directors is the increase of its capital by 25% to be QR 2.625 billion during the first quarter of the current year," added Mr. Khedr.
"Despite BARWA's main focus on local and international business activities, we have an enduring commitment to contribute to the social and economic betterment of society. To support this commitment, the company has developed a wide-embracing program of corporate social responsibility activities, including donations to a wide variety of philanthropic activities and social, sport and educational events," concluded Dr. Yousef Mohammad Al-Horr, Deputy CEO for Operations, BARWA Real Estate.
"Through its commercial and residential projects in Qatar, in addition to its international projects and investments, BARWA Real Estate offers holistic innovative housing solutions. Among these prominent projects are BARWA Al Baraha, BARWA Al Doha, BARWA City, BARWA Al Khor, BARWA Al Rayan, BARWA Commercial Avenue, BARWA Financial District, BARWA Housing Program and BARWA Al Sadd," Dr. Al Horr added.
BARWA Local Projects, Commercial & Residential Innovative Solutions
Despite the huge challenges BARWA Real Estate has been facing since its early establishment, BARWA local projects are running as scheduled. Thanks to Allah, the company has achieved remarkable success embodied in its record financial results and milestone achievements.
One of these achievements is BARWA Al Baraha project a residential compound for workers with all support facilities services needed in such big complexes, which lies in the heart of the industrial area. The total capacity accommodates fifty three thousand people, in addition to parking for four thousands and two hundred Trucks. The project includes several distinguished and well planned facilities to serve the administrative and hotel buildings, shopping center, medical center and cinema.
BARWA Al Doha is another mix used development project that shall present a prominent touristic landmark in the heart of Doha City. The project, built on sixty six thousand square meters, consists of residential and commercial towers as well as a luxurious shopping mall, five star hotel, restaurants, recreational centers and a state of the art SPA. It offers a parking zone for more than four thousand cars as well as other facilities, which provide the necessary support services needed for operating and managing the project's facilities.
BARWA City is one of the largest projects being constructed in Qatar. The project, built on more than two and a half million square meters, offers residential units for more than thirty five thousand people. The city will utilize district cooling plants to provide air conditioning, central gas network, and central TV channels system. BARWA City offers apartments with diversified interior layouts to satisfy the different demands and needs of the tenants. It includes health clubs, commercial compounds, parks, playgrounds and multi usage buildings, banks, a two hundred fifty-bed hospital, schools, nurseries and a hotel. The project will be completed in two phases where the first phase includes six thousand apartments.
BARWA Al Khor is a project being developed to the north of Al Khor City located forty five kilometers from Doha city. The total area of the project is around five and a half million square meters with a sea front extended along Al Khor Bay to the northern east side of Qatar coastline. BARWA AL Khor offers twenty four thousand multipurpose residential units, a huge commercial compound, civil services buildings, schools, public parks, green areas, beach and walk side, as well as a group of hotels, a resort and a golf course.
BARWA AL Rayan project or "U" Street; located in the heart of the Education City a subordinate of Qatar Foundation for Education, Sciences & Society Development; is considered as one of the international iconic artifacts and a prominent landmark. The total area of the project is around one hundred twenty five thousand square meters, while the total built area is two hundred fifty two thousand square meters. The building includes, in addition to commercial centers and retail outlets, a hotel as well as residential and office units that offer modern technology and are surrounded by gardens.
The building, designed like the Latin letter "U", adds a unique architectural style that combines functionality with International standards, making BARWA AL Rayan an ideal destination for businessmen, young academics and other researchers.
BARWA Commercial Avenue is a prestigious commercial facility located near the heart of Doha City. The project extended on eight kilometers offers luxury residential and commercial buildings aiming to fulfill the demands of young Qatari entrepreneurs. It includes shopping centers, restaurants and residential apartments.
BARWA Financial District, located in the heart of Doha New Commercial City in West Bay area, represents an integrated real estate solution designed to serve the local and international financial institutions. The project, having a built-up area of more than five hundred thousand square meters, offers high quality office space with a solid infrastructure, state-of-the-art technology and parking facilities for more than five thousand cars. The future tenants, owners and visitors of the Financial District will also enjoy facilities similar to a luxury hotel and spa, a conference center, a landscaped outdoor plaza, retail stores housing international brands and service solutions that provide up-market merchandise and services of all forms. The average heights of the buildings range between twenty-one to thirty-six storeys, culminating in a fifty two storey flagship tower that will be one of the prime landmarks of Doha City.
BARWA Housing Program is one of the leading projects that reflects the responsibility of the private sector towards the Qatari community. The project, built up on two separate areas, consists of sixty two residential buildings offering one thousand nine hundred eighty four residential units surrounded by; gardens, playgrounds, health clubs, fitness center, swimming pools, and nurseries. All of which are strategically located to serve the compounds' community.
BARWA Projects outside Qatar
BARWA Real Estate, through its international investment arm BARWA International, has posted prominent achievements and successes embodied in many construction and renovation projects across Europe and MENA region.
Nuzul Holding is one of BARWA International's foreign investment platforms of service apartments concept. With its rising regional profile, Nuzul Holding grew to be a leading player in the real estate industry giving BARWA International the impetus to join hands for profitable expansion. Recently, Nuzul Holding bought a property in Bahrain; 118 unit Somerset Juffair serviced apartment in Manama, and another property in Qatar; 200 unit Somerset Corniche serviced apartments in Doha.
Nuzul Holdings has signed a 10-year management contract for the properties with Singapore-based Ascot International, the largest serviced residence owner-operator outside the U.S. The agreement marks the first of at least 15 serviced residences to be launched by Nuzul Holdings across the Middle East by 2010. The serviced apartments' chain will cater to the business sector and elite family tourism. BARWA International has more than 30% investment in Nuzul Holdings.
BARWA International has strategically entered into a joint venture with Kempinski Hotels SA, the world's oldest internationally renowned luxury hotel chain, to establish Shaza Hotel chain with US Dollar 250 million as paid up capital. The new hotel brand will consists of 10 properties, to be developed and managed by Kempinski Hotels SA, spread out in the Middle East & North African (MENA) region.
Shaza Hotels is an innovative and niche hotel brand focused on an underserved market in the MENA region. It emphasizes on a combination of lifestyle, cultural awareness, international service and exceptional value, all expressed respectfully to regional traditions.
In light of Cairo's international profile as a real estate hub, BARWA International took the initiative to build a self contained community, extended on an area of eight million square meters, in New Cairo City, an extension to Egypt's capital. The project will feature several unique villages containing every imaginable choice of lifestyle, from gated villas and townhouses to high-rise apartments. The township will include schools, a hospital, mosques, parks, shopping complexes, health facilities and a range of other amenities. The total investment, over the coming eight years, will exceed EGP 20 billion.
BARWA International owns four commercial properties in the heart of Paris. With an investment of more than 300 million Euros, these properties mark the company's first presence in France. The four commercial properties owned by BARWA International have now been leased to Peugeot as their Research & Development Headquarters, Aston (Metro/Train), France Telecom and other businesses. BARWA International's strategic investment was encouraged by the fact that French real estate market is rapidly growing allowing steady returns over the coming years.
In light of Switzerland's strong economy, high per capita income, and flourished tourism; BARWA International has strategically invested through ownership, development and refurbishing of seven premier hotels.. The portfolio also includes four hotels, conference center, modern SPA and Kids area in Burgenstock Resort.
Ajman Corniche Residence project, one of BARWA International's strategic directions to diversify its financial resources, consists of seven interlinked waterfront towers in the UAE, Ajman Emirate. The towers, offering 900 luxury units, are likely to become a major landmark along the Ajman coastline with the two highest sections standing at forty seven storeys on top of an eight level podium. Ajman Corniche Residence is the first project for BARWA International in the UAE.
In light of the continuous growth of the real estate market in Turkey, BARWA International with its Turkish partner, will be developing a mixed use project in Istanbul, beautifully located by the sea and in close distance to the Ataturk airport and the Old City. The project, which mainly complements Turkey's hospitality and residential sectors, will include a five star hotel, hotel apartments and condominiums.
BARWA International, with its Saudi Partner, is developing in Jeddah, KSA, the largest New Central Vegetable Market in the Kingdom. The project proposed on four hundred thousand square meters and located close to Mekkah expressway, will consist of two thousand shops and thirty thousand square meters of covered air-conditioned area.
BARWA Investments
Strategically, BARWA's Senior Management team has planned to invest in many stable and reputed regional and international markets and companies.
BARWA Real Estate invested twenty three million US Dollars in Al Baraka Banking Group.
Al Baraka Banking Group, a Bahrain-based institution, is an Islamic international financial institution. The Group offers retail, corporate, investment, exchange and treasury banking services in accordance with Shariah (Islamic Law). It also has a worldwide network of subsidiary banks, which in turn provide services through more than two hundred fifteen branches, covering ten countries including: Egypt, Jordan, Turkey, Algeria, Pakistan, South Africa and Sudan.
BARWA Real Estate Company invested ten million US Dollars in Arcapita Bank.
Arcapita Bank, a Bahrain-based investment bank, offers a wide range of banking services and products such as corporate and real estate investments, and investments based on assets. The Bank has branches in Manama - Kingdom of Bahrain, London - UK, Atlanta - USA and Singapore.
BARWA Real Estate Company invested nine million British Pounds in Veridian Group, through Arcapita Bank.
Veridian, a Belfast-based Group, the parent company of Northern Ireland Electricity Company, is a leading company in the transmission and distribution of electricity across all parts of Northern Ireland. Veridian Group includes several companies operating in the energy industry and other related activities.
BARWA Real Estate Company invested eight million Kuwaiti Dinars in Al Imtiaz Investment Company.
Al Imtiaz Investment Company, a Kuwait-based Sharia-compliant investment company, is one of the leading companies established to service the business sectors in the GCC. It offers direct investments, asset management, advisory services, financial administration, brokerage, project finance and management.
BARWA Real Estate Company has other investments in several prestigious organizations including Ithmaar Bank, a Bahrain-based investment bank, Al Retaj Investment Company, a Kuwait-based small and medium enterprises investment company, and other real estate investment funds.
-Ends-
About BARWA:
BARWA is one of the premier organizations in the State of Qatar. As the name "BARWA" or "Contractual Commitment" suggests, we are inspired by our vision of a glowing future for Qatar.
With business interest in real estate & project development, property & facility management, construction material production, environmental activities & health, banking & finance, hotels & resorts, technology & utility, knowledge & communications and agriculture; BARWA 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 BARWA project is the seed for an incredible journey, where our greatest achievement is realizing the dreams of our stakeholders.
www.barwa.com.qa
For further information, kindly contact:
Bassel Hanbali
Chief Communications Officer - BARWA
Mobile: +974 654 2099
Email: bassel.hanbali@barwa.com.qa
© Press Release 2008
