BARWA records QR 498 millions, a 33% rise compared to same period of last year
BARWA Real Estate Company, one of Qatar's world leading investment and real estate companies, reviewed its half yearly financials in a press conference held at the company's headquarters in Al-Sadd on Tuesday 31 August. The press conference followed BARWA's disclosure of its half yearly financials on 14th August 2010.
Net profits for the first half of 2010 grew by 33%. Total assets of the Company have risen to QR 51.6 billion, a 88% rise compared to QR 27.4 billion the same period in 2009. Total equity stood at QR10 bn on a capital base of QR3.89bn.
"The major factors behind BARWA's very encouraging results and profits in H1 2010 are increased sales of property by 52% to QR133.17mn, increased rental revenues by 64% to QR135.87mn and increase in other income by 51% to QR60.67mn," commented Mr. Yusef Al Khater, Group Chief executive Officer of Barwa. Mr Al Khater added "These financial results reflect the reasons behind the increase in BARWA's Assets, namely the merger with Qatar Real Estate Investment Company ("Alaqaria") and the takeover of all its shares during the second quarter of 2010. This resulted in an increase in capital of BARWA Real Estate to QR3.891bn. The handing over and operating of BARWA Village and BARWA Housing (Mesaken Al Saliyah) also contributed significantly to revenue"
Mr Al Khater also commented that despite turbulence witnessed by global markets, BARWA has managed to keep its projects on track as planned and on schedule.
"Financial results recorded during the first half of 2010 show the increasingly improving performance of the company. value of projects under construction increased to QR19 bn, highlighting the company's commitment to execute its projects and contribute to Qatar's construction sector and economic development," said Mr. Mr Ahmed Elezabi, Acting Group Director of Finance..
BARWA Projects under progress include BARWA Commercial Avenue which is located near Doha and is built along eight kilometers, and which offers various luxurious residential and commercial buildings. It will cater to the needs of the commercial sector in Qatar, as it targets young Qatari entrepreneurs.
BARWA Village, which is now operational, supports the vision of BARWA and shows clearly the company's commitment to be a major partner in the urban renaissance of Qatar. BARWA Village carefully balances the needs of tenants and residents in the surrounding area, as well as the various communities living in Qatar. More than 30% of the development is green space, designed to reduce carbon dioxide emissions. The project's low-rise buildings are also designed to reduce traffic congestion. The maximum height for residential and civil buildings is two floors and only the shopping mall is taller with three floors. As BARWA Village embraces various service facilities and retail shops as well as a shopping mall and a school, the strategy has been to make the project an attractive place for families to meet their daily needs.
Mesaken Al Saliyah confirms BARWA's deep commitment towards the local community and a strong market demand for high-quality affordable housing. Units have been handed to its beneficiaries and are operational. Mesaken Al Sailiya and Masaken Mesaimeer are built on two separate areas comprising 400,000 sqm. The QR1.3bn project consists of 62 residential buildings and offers 1,984 two and three bedroom residential units surround by gardens, playgrounds, health clubs, a supermarket, fitness centre, swimming pools and nurseries.
BARWA City, which is also nearing completion, is one of the largest projects being constructed in Qatar. The project, built on a 2.7million sqm plot in Mesaimeer, provides 128 residential buildings that will offer tenants and investors nearly 6,000 apartments to accommodate up to 25,000 tenants. The city will also include district cooling for cold water and climate control and LPG for hot water and cooking. BARWA City includes schools, kindergartens, mosques, a bank, health club, food and sports courts, shopping mall and multipurpose hall and other amenities. The second phase includes the major construction of further schools, a 250-bed hospital, residential and commercial complexes and a hotel.
Meanwhile, BARWA Al Sadd, covering an area of 27,654 sqm adjacent to Suheim Bin Hamad Street, has been developed as a prime self-sufficient Commercial and Residential Complex, providing families with places to work and live with every conceivable amenity within reach. The project consists of three office towers, a five star hotel, and further retail and office space. Three ten storey apartment buildings, a three-floor recreational building, a five storey car park building to accommodate 1736 cars and a utility building all complete the project.
In addition, BARWA Financial District, located in the new business city of Doha, West Bay, is an integrated solution that has been designed to serve the global, regional and local financial sector with 9 office towers of high quality office space, solid infrastructure, state-of-the-art technology and parking facilities for over 5,000 cars. Future tenants, owners and visitors will also enjoy leisure facilities including a luxury hotel and spa conference centre and outdoor plaza. BARWA Financial District is a sustainably designed development expected to be completed in 2013.
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