Doha – Mubasher: Doha Insurance Company cancelled its plans to establish a new real estate company, as its board dismissed the development of a land plot in Lusail city.
Earlier in December 2015, the Qatar-listed company signed a contract to sell a land plot at Marina, Lusail, for QAR 145.293 billion, resulting in a net profit of QAR 78.4 billion.
The company said on Monday that land sale proceeds will be used in pumping additional liquidity which helps in boosting the financial position of the company.
The company’s share declined 4.76% to QAR 20 in today’s mid-trading.
