Qatar's Barwa completes sale of Saudi land plot for $198mln

Firm expects profit of $12.26mln from transaction

  
The head office building of Barwa Real Estate is seen in Doha.

The head office building of Barwa Real Estate is seen in Doha.

REUTERS/Fadi Al-Assaad

Qatar-based developer Barwa Real Estate has completed the sale of a plot of land owned by its subsidiary in Riyadh, Saudi Arabia, in a deal worth 742.38 million Saudi riyals ($198 million). 

In a statement to the Qatar Stock Exchange, Barwa said that Wahat Al-Riyadh, which had earlier received 30 million riyals as deposit, received the remaining amount of 712.38 million riyals. 

Barwa expects a profit of 46 million riyals from the sale, which will support its cash position and development plans.  

(Writing by Brinda Darasha; editing by Cleofe Maceda) 

brinda.darasha@refinitiv.com 

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© ZAWYA 2021


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