Qatari property firm to sell assets as it pays off loans
Barwa, the Qatar property firm, announced on Tuesday that it planned to sell assets worth $4.4bn in Qatar and Egypt to pay off loans.
The assets being sold include land in the country as well as the Barwa New Cairo project in Egypt, a report by Reuters said.
Barwa is Qatar’s largest listed property developer and is 45% owned by Qatari Diar, the property arm of the Gulf country’s acquisitive sovereign wealth fund, the Qatar Investment Authority.
In August of this year, the company posted a 21.1% fall in net profit for the first half of the year. This meant that net profit was $163m as compared to $206.67m recorded during the same period in 2011.
In May 2011, Barwa said it planned to launch a $4.94bn mixed used Golf City project within Lusail City, north of Doha, ahead of the 2022 FIFA World Cup tournament.