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FINANCIAL NEWS
Qatar Petroleum buys Barwa Financial District
22 Dec 2011
(MENAFN) Qatar Petroleum (QP) agreed to buy Barwa Financial District from Barwa Real Estate for USD3 billion, Arabian Business reported.
Barwa said it will complete the mega project and hand it over to the state-owned energy company by 2015.
The unfinished project comprises of 10 towers, which have an average of 21 to 36 floors and occupy a prominent position in Doha’s West Bay area, and a 50-storey tower in its center, which is set to become one of Doha’s landmarks as well as an icon of the city’s skyline.
The transaction comes amid a slump in the Gulf state’s property market, which its prices fell 5.7 percent last month from a year ago according the Qatar Statistics Agency said.
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