Doha – Mubasher: The first phase of Madinat Al Mawater project is expected to become operational soon and will be included in the group’s operational assets, Barwa Real Estate said Monday.
This phase is expected to be completed during the second quarter of 2017, according to Barwa’s statement to the Qatar Stock Exchange (QSE).
The Qatari government is collaborating with Barwa to complete the project, aiming to create a central market to provide the necessary services for used cars.
The project includes showroom, repair workshops, residential units, shops and various services, in addition to large areas designated as parking spaces. This will contribute to solving the problems of cars crowding in residential areas.
In May 2016, the Qatari real estate firm began building the first phase of the project on Rawdat Rashed road with an area of 1.6 million square metres.
Barwa has signed several leasing contracts for the first phase of the project and will announce the details and amount of constructing the second phase of the project at a later time, the group’s CEO, Salman Bin Mohamed Al Mohanadi said.
The QSE-listed property developer previously reported a 47.5% slide in its profits to QAR 1.6 billion in 2016, compared to QAR 3.1 billion in 2015.
The stock closed in the green on Monday, adding 1.18% and reaching QAR 33.97.
