Barwa to pay $4.77mln to Tamdeen after Qatar court rejects appeal

Signs deal to sell Saudi land

  
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

Barwa Real Estate said it must pay 1.44 million Kuwaiti dinars ($4.77 million) or its equivalent in Qatari riyals to Tamdeen Real Estate Co, after Qatar’s cassation court rejected Barwa’s appeal against the Kuwaiti company.

The amount represents fees for design work and consulting services, in addition to an amount of 500,000 Qatari riyals as compensation, Barwa said in a filing on the Qatar stock exchange Sunday.

The lawsuit relates to a legal dispute over fees for planning and consulting design works carried out by Al Tamdeen for Barwa in 2008 before the project was canceled. Al Tamdeen filed a lawsuit in 2013 to demand the fees and compensation.

Barwa said the judgment will not affect the group’s financials for 2021, as the company has made an allocation for the full amount in previous years.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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