Doha – Mubasher: Barwa Real Estate Company on Sunday reported signing contracts with Insha Contracting and Trading Company for establishing the second phase of Madinat Al Mawater project.
The value of these contracts amounted to QAR 112.5 million, while the implementation will be completed in the next twelve months, according to a statement to the Qatar Stock Exchange (QSE).
Barwa signed the leasing contracts of the first phase of Al Mawater project on 11 May 2017.
Qatar’s government is cooperating with Barwa on the project, with the aim of creating a central market for used cars’ services.
The Qatari real estate company’s profits dropped 26.4% to QAR 479.43 million in the first quarter in 2017, compared to QAR 651.46 million in Q1-16.
Barwa had previously reported a 47.5% decline in its profits reaching QAR 1.6 billion in 2016, compared to QAR 3.1 billion in 2015.
