Barwa's new chairman and board members with the old chairman and the previous board members
On Sunday, 15 May, the BARWA Group, one of Qatar’s global leading investment and real estate companies, is holding a farewell gathering in their HQ offices in which the new chairman and new board members will extend their recognition and appreciation to the previous chairman and the previous board members. The ceremony will see the entire previous management team receiving memorable gifts to celebrate their achievements in the presence of all senior Managers and Directors in BARWA.
HE Mr. Hitmi bin Ali Al-Hitmi, BARWA chairman, said: “As BARWA transitions from the past five years' highly successful chairmanship of Mr Ghanim Bin Saad Al-Saad, we celebrate the previous management team’s contribution to the enormous growth of the company as a result of their efforts and accomplishments. We give them our immense gratitude and thanks for all their efforts over the last five years establishing BARWA as the force it is today and the largest real estate stock on Qatar’s Exchange.”
Mr. Ghanim Bin Saad Al
Saad: BARWA’s first five years have been an incredible journey for the entire management team, as we have seen the group develop into one of Qatar’s most significant companies and spread its net internationally to become recognized as a global player. Diversifying into financial investment and property services will, we hope, ascertain that BARWA has the flexibility and reach to flourish in future markets and we hope that in this way we have assured a secure future for the group.”
BARWA’s recent success is reflected in 2010 increased revenues and profit on sales and from re-appraising its real estate investments. BARWA announced net profits of QR 1,405 million for the period January – December 2010, an 84% per cent increase over QR 766 million net profits for the corresponding period in 2009.
BARWA exceeded growth expectations to achieve assets totalling QR74 billion, representing a 111% per cent increase over QR35 billion as at 31 December 2009. Further, total revenues increased to QR8 billion, compared to QR 3 billion in 2009.
BARWA’s growth has impacted the local community by providing career opportunities for more nationals through both recruitment and professional development training programmes. It has also contributed significantly to the community through donations and other charitable activities.
BARWA’s large scale developments have made a major impact on the community and the country, dramatically changing Doha’s skyline and infrastructure. Despite challenging world conditions, BARWA has succeeded in building solid foundations for the future of Qatar for generations to come.
BARWA’s shift of focus in the past year towards and investment driven strategy has changed the landscape of the business to incorporate financial services, facilities and project management, property brokerage and investments. BARWA’s latest financial figures bear testament to the success of this business strategy.
BARWA’s increasingly international business portfolio includes investments and projects as far afield as Paris and Istanbul and Cairo, Saudi Arabia and the UK, Bahrain and Astrakhan, representing a wide geographical spread of interests With BARWA’s developments on track, BARWA is now looking to the future and planning new developments such as the mega tourism resort project, Salwa Bay
Resort, on the western south coast of Qatar. This is planned to have an estimated area of around 2.5 million square metres and to be developed over the next 6 years.
HE Mr. Hitmi bin Ali Al-Hitmi, BARWA chairman, added: “As we thank those present today for their immense contribution to BARWA’s success over the past five years, we look forward with confidence to many more years of growth and achievement to fulfil our destiny and aspirations to be a truly successful global business.”