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FINANCIAL NEWS
Qatar’s Barwa to set up USD4.9b Golf City project by 2018
24 May 2012
(MENAFN) Qatar’s Barwa Real Estate’s Co chief executive, Abdulla Al Subaie, stated that by 2018, the firm will launch a USD4.94 billion mixed-use Golf City project within Lusail City, reported Arabian Business.
Al Subaie said that the project, which will be funded via off-plan sales and subdevelopment, will comprise 4,000 residential units and a golf course.
He added that the 2022 World Cup soccer tournament, which will be held in Qatar, is forecasted to lift residential demand in the country that has allotted 40 percent of its budget to 2016 to infrastructure projects.
It is worth noting that Barwa cut nearly 90 jobs in 2011 under its restructuring plan, aimed at lowering costs.
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