FINANCIAL NEWS

Qatar’s Barwa posts $129m profit in H1

16 Aug 2010

(MENAFN) Qatari property developer Barwa Real Estate Co announced that it has posted a first half net profit of $129.2 million, Reuters reported.

Barwa is the Gulf region’s third largest developer by market capitalization and an affiliate of the state’s sovereign wealth fund, the Qatar Investment Authority, which holds a 45 percent stake in the company.

The company was hit hard by the region-wide real estate slump but Qatar is ensuring its key property firms weather the global crisis by pushing through defensive mergers and using the real estate arm of the sovereign wealth fund to invest in them.

Barwa said in April it would continue to sell assets in 2010 and 2011 to meet its obligations after it repaid $1.18 billion in Islamic financial facilities.

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