The Board of Director's resolution is based on a number of factors, including careful consideration of the results achieved by the company during the year, as well as continued growth and profitability.
In addition, the company moved forward with its strategy to develop and expand human resources as well as diversifying its investments inside and outside Qatar. The value of what has been accomplished from projects under development is QR6.5bn, while the value of investments in real estate funds based in the gulf reached QR120m; in addition to investing QR700m in strategic investments inside Qatar. The total value of Barwa contributions in strategic partnerships exceeded QR379m. As for foreign investments, Barwa invested more than QR3bn in acquiring a hotel chains based in Europe.
It is worth mentioning that the company achieved an increase of 63% in its total assets to reach QR25.8bn on September 30, 2008, compared to QR15.8bn recorded on December 31, 2007.
The recorded increase of assets' value is the result of geographic expansion, an increase in the value of Barwa projects and the wise decisions of the executive administration to diversify the company's investment portfolios and reduce associated risks.
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Barwa Board of Directors recommends direction of profits to support local and global projects and expansion strategy
- Qatar: Monday, December 15 - 2008 at 10:47
- PRESS RELEASE
After the meeting of its Board of Directors, Barwa Real Estate Company (Barwa) recommended, subject to the approval of the General Assembly, the use of the company's 2008 profits in supporting its projects, inside and outside Qatar, and its expansion strategy.
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About Barwa:Barwa is one of the premier organizations in the State of Qatar. As the name "Barwa" or "Contractual Commitment" suggests, we are inspired by our vision of a glowing future for Qatar.
With business interest in real estate & project development, property & facility management, construction material production, environmental activities & health, banking & finance, hotels & resorts, technology & utility, knowledge & communications and agriculture; Barwa is driven by the conviction that people deserve a comfortable living and working environment.
With extensive operations in Qatar and around the world, we believe that every Barwa project is the seed for an incredible journey, where our greatest achievement is realizing the dreams of our stakeholders.
For further information, kindly contact:
Bassel Hanbali - Chief Communications Officer - Barwa
Mobile: +974 654 2099
Posted by Nadeen El AjouMonday, December 15 - 2008 at 10:47 UAE local time (GMT+4)
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