PROJECTS: Barwa Group signs a financing agreement for Qatar Schools - Package I Project

Barwa Real Estate Group announced on Tuesday that its fully owned subsidiary Dar Al Eloum for Real Estate Development Company has signed a 641.4 million Qatari riyal ($176 million) funding agreement with a local bank to finance the development of the Qatar Schools - Package 1 project.

 

The term of the new financing is up to 22 years, the company said in a stock exchange statement.

 

In September 2020, Barwa Real Estate Group, through its subsidiary Dar Al Eloum for Real Estate Development, had signed an agreement with the Public Works Authority (Ashghal) to develop eight  schools under the Qatar Schools Public-Private Partnership Programme – Package 1.

 

Upon completion of development, the schools will be leased to the Ministry of Education and Higher Education.

 

The maintenance services will be provided to the schools over a period of 25 years.

 

(Writing by SA Kader; Editing by Anoop Menon)