Qatar’s Barwa Real Estate appoints new CEO
Salman Mohamad Al Muhannadi, former chief executive of QNB Capital, takes the helm
Barwa Real Estate Group of Qatar has announced the appointment of Salman Mohamad Al Muhannadi as the group’s chief executive.
Muhannadi was formerly the chief executive of QNB Capital, the investment arm of Qatar National Bank, according to a bourse statement.
The statement added: “The group is currently finalising its new strategy, reviewing current investments to determine best approaches of utilising them and studying potential opportunities.”
According to Barwa, Al Muhannadi has previously handled financial and strategic restructuring of many organizations and real estate portfolios. He also has experience as a consultant for mergers and acquisitions in the financial, real estate and transportation sectors.
Barwa appointed Ahmad Abdullah Ali Al-Abdullah as the acting CEO in May 2014 after his antecedent resigned.
The group has struggled with debt which consequently lead it to offload assets and cut staffing costs, Reuters reported. In December, it sold land plots worth $1.47 billion to an anonymous buyer.
