Barwa Real Estate (Barwa), Qatar’s leading listed property development company, announced today that it has entered into a framework agreement with Qatar Petroleum (QP). Barwa Financial District (BFD) will develop its iconic project to become QP’s headquarter complex. Upon completion, BFD will transfer ownership to QP, who will own and occupy the development.
The framework agreement was signed by Mr. Ghanim bin Saad Al Saad, Chairman and Managing Director, Barwa Group, and Dr. Mohamad bin Saleh Al-Sada, the Minister of Energy & Industry, Chairman & Managing Director of QP. The signing ceremony, held at QP headquarters in Doha, was attended by a number of officials representing both companies.
Barwa Financial District design is inspired by elements of the Local Qatari Culture and Heritage, which is conceptualized to create a central hub and meet the needs for both local and international businesses in Doha with Grade-A office space, solid infrastructure, state-of-the-art technology, and parking facilities for more than five thousand vehicles. The district in this group of 10 towers average 21 to 36 floors and will occupy a prominent position in Doha’s West Bay area. Crowning the Barwa Financial District is its 50 storey high tower which is well on its way to become one of Doha’s landmark sights and an icon of the city’s skyline. BFD will be among the first certified sustainably designed developments in the Middle East
The deal will see Barwa Real Estate delivering a turnkey scheme for Qatar Petroleum, enabling QP to commence operations with immediate effect from the first day of delivery.
Barwa anticipates to complete the project under the existing construction and project management arrangements, and Qatar Petroleum is expected to commence occupation of the development by 2014.