Barwa Announces Opening Of 6000-Unit Development Near DohaWednesday, May 23, 2012
With respect to the assets, the biggest property company in the Middle East, Barwa Real Estate, has recently announced the official opening of its master development in Mesaimeer. This development, known as Barwa City, has 6,000 units which would accommodate around 25,000 people upon completion. The project is located near Doha and covers 2.7 m square meters and will consist of 128 residential buildings.
According to Abdulla Abdulaziz al-Subaie, the CEO of Barwa Real Estate, this new development has been designed in line with the Qatar National Vision 2030 objectives and it would be a tremendous contribution to the architectural development of Qatar. He also said that through our local projects aimed to develop the Qatari community, we intend to be the leaders in our field.
The phase one of the project will include many amenities or facilities like banks, schools, mosques, playgrounds, parks, health clubs and retail spaces. Moreover, the project is located at a distance of 15 minutes from the centre of Doha. The company has also revealed its plans to showcase its ‘surprise’ project in week’s Cityscape Qatar, which is going to start form 23rd May.
The announcement of the opening of Barwa City has come just days after the company announced its profits of Q1 fallen by almost half. The company also disclosed that the fall in its profits is due to the loss on investment property revaluation. In revaluation, the company lost QAR 25.4 m against a gain of QAR 420.1 m reported a year earlier. The statement posted on Qatar Exchange also highlighted that the net income, exclusive of non controlling interests, fell to QAR 292.5 m from QAR 548.5 m reported a year earlier.