FINANCIAL NEWS

Barwa postpones $8.25b Al Khor project

01 Sep 2010

(MENAFN) Barwa Real Estate Company’s spokesman said that they are going to postpone the $8.25 billion Al Khor project due to bad conditions of the market, Gulf Daily News reported.

Al Khor project, which is a mixed-use city north of Doha, was originally expected to be completed in 2015.

The spokesman added that some projects like Barwa Al Saab, Barwa Village, Masaken and Barwa Commercial Avenue are already built and people are moving into them, while other projects remain on hold.

It is worth mentioning that Barwa, Qatar’s second largest developer by market capitalisation, is an affiliate of the country’s sovereign wealth fund, the Qatar Investment Authority, which holds a 45 percent share in the company.

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