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FINANCIAL NEWS
Qatari Diar to buy USD7.1b Barwa assests
08 Jun 2013
(MENAFN) Qatari property company Barwa stated that it plans on selling assets worth USD7.1 billion to Qatari Diar as it seeks to reduce its large debt, reported Arabian Business.
The company said that the real estate arm of Qatar Investment Authority (QIA) Diar will step in after Barwa’s profit dropped a huge 46 percent in the first quarter of 2013. Diar owns 45 percent of Barwa.
The company also added that it unveiled plans in May to build a USD5.5billion island off the coast of Doha in preparation for the 2022 soccer World Cup which Qatar will host, yet the company has been reducing staff and selling assets to pay down its debts.
It is worth noting that Barwa announced plans to sell Qatari and Egyptian assest worth around USD4.4 billion in October 2012.
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