By: Eslam Salem
Doha – Mubasher: Barwa Real Estate is close to signing several contracts for various projects in 2016 worth a total of QAR 4 billion ($1.10 billion), said CEO Salman Al Mohanadi on Sunday.
Barwa's investments this year will depend on what has been achieved and completed in its current projects, the top official told journalists at a press conference held at the company's headquarters, indicating that investments are estimated at QAR 700 million.
The new projects estimated at QAR 4 billion will include a project in the storage area of Umm Shahrain 2, expansions for Barwa city, Darah project in Lusail and others, the CEO revealed, adding that he expects the Umm Shahrain 2 project to be awarded within the next couple of weeks.
The project boasts an area of 253,000 square feet and includes building storage and warehouses, providing services and infrastructure.
Barwa recently reported a net profit of QAR 651 million ($178.83 million) in Q1-16, down from a net profit of QAR 3.25 billion ($890 million) in the same period in 2015.
As for Barwa's external investments, Al Mohanadi stated that "The new five-year strategy will focus on the Qatari market and land development, with a special focus on average and above average housing."
Barwa has no intention to invest abroad at present, although the Saudi market is an exception that the company may consider if an opportunity presents itself, Al Mohanadi highlighted.
He added that the housing sector in Saudi Arabia has a major suppy-and-demand gap.
Translated by: Nada Adel Sobhi
