The biggest QR 6.5 billion real estate development project of the year 2009 is to continue as scheduled

- Khaled Al Delaimi: "BARWA Al Sadd construction works progress according to schedule."

Doha, Qatar - May 12th, 2009: At a press conference held yesterday at the company's headquarters in Al Sadd, BARWA Real Estate Company, one of the premiere and leading companies and a major partner in the urban renaissance in the State of Qatar, has updated the company's latest projects' development in Qatar including that of the BARWA Commercial Avenue development. Also announced during the press conference was the signing of a QR6.5 billion contract with the giant German construction company, Hochtief.

The BARWA-Hochtief contract comes within the strategic framework that BARWA is following, which aims to establish a business district which embraces all modern business needs and demands, including high class commercial spaces, offices and residential units. It also falls within BARWA's strategy to seek the cooperation, exchange of expertise and building partnerships with leading regional and global companies, hence Hochtief was selected according to its wide experience and global reputation in developing prominent commercial projects. 

BARWA Commercial Avenue is a mixed-use development in Mesaimeer (South of Doha) which includes the construction of five buildings stretching 8 kilometers in length. Each building features a ground floor and mezzanine commercial units and galleries, with two upper floors reserved for office, residential and retail units. In total, BARWA Commercial Avenue provides 547 galleries with a total area of 206,021 sq m, 5,562 car parking spaces, and 462 one, two and three bedroom apartments to meet the strict criteria demanded by local, regional and global investors and traders.

BARWA Commercial Avenue targets young Qatari businessmen and young Qatari investors. The project extends over an area of 462.484 sq m with a total area of 894.316 sq m, while the total area of the projects ground floors is 166.078 sq m, all of which make up 35.91 % of the project area. Projects and Maunsell were assigned to provide design and project management services.

The project is situated in Ain Khaled area close to Doha City, and aims to offer luxury office spaces and 462 luxury houses which comprise two or three bedrooms. The project also includes 600 rental units and galleries. The construction of the project started in February 2008, and it is scheduled for completion June 2012.

According to the developments statistics the area of the project is 8 kilometers and the rise of the buildings is 6.858 kilometers. In addition the project includes 277 elevators, and its façade totals an area of 335.000 sq m. The project's roads, open spaces and landscaped areas extend over an area of 296.000 sq m. Up until April 30th, more than 17% of the construction work has been completed at a cost of QR1 billion.

The best testimony for the company can be seen in the size and number of the development projects executed under the name of BARWA both locally and internationally. Some of the projects located in Qatar are: BARWA Al Baraha, BARWA Doha, BARWA City, BARWA Commercial Avenue, BARWA Al Khor, BARWA Al Rayyan, BARWA Financial District. While BARWA's international projects exist in many countries and areas worldwide, the strategy of BARWA is represented through projects such as, Somerset Al Fateh (Bahrain), Somerset Cornice (Doha), Shaza Hotel Series and Ajman Towers (UAE), New Cairo (Egypt), four hotels in Paris (France), Istanbul Seagate (Turkey), developing Central Vegetables Market (KSA)

-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 

© Press Release 2009