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FINANCIAL NEWS
Qatar’s Barwa to build a tourist resort in South Msaieed
24 Mar 2012
(MENAFN) Qatar’s largest developer Barwa Real Estate plans to construct a tourist resort in South Msaieed, about 50km from Doha, state-run news agency QNA reported.
Barwa Real Estate signed the agreement with Qatar Petroleum to rent part of the Msaieed Industrial City to transform it into a resort.
Under the agreement, Barwa would rent a 829,721 sqm of land with feasibility studies set to start soon, the developer said.
Barwa’s new project comes as part of its new corporate strategy which focuses on implementing projects within the gas-rich Gulf state to encourage diversity of activities and supporting tourism, CEO Abdullah bin Abdul Aziz Al-Subaie said.
Earlier this month, Barwa Real Estate Group reported a 8.9 percent decline in profits to USD354.35 million in 2011 compared to the previous year.
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