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Doha / EMIRATES BUSINESS
Barwa Real Estate Company plans to develop several new projects in 2016. Company’s Annual General Assembly meeting held on March 16 endorsed recommendation of Board of Directors to distribute cash dividends of 22 percent, equivalent to QR2.20 per share.
Addressing the shareholders, H E Salah bin Ghanim Al Ali, Chairman of the Board, Barwa Real Estate Company and who is also Minister of Culture and Sports said company’s goals for 2016 include commencing development of several new projects, mainly Dara A project in Lusail, phase one of Madinat Al Mawater Project, phase one of Mustawdaat project and the extension of Barwa village project.
Other plans include completion of Al Khor residential project that consists of 300 residential apartments and 50 villas and completion of phase 2 of the Barwa Al Baraha workers accommodation, consisting of 16 residential buildings. The company plans to create Lusail Golf project’s master plan with a land space of 3.6 million square meters.
“Barwa’s team has reviewed all of the new projects of the group to ensure optimum benefit, in accordance with the state’s development requirements and to increase targeted revenues,†Al Ali said. The Chairman said that during 2014 and 2015, Barwa conducted a comprehensive re-structuring process, which included selling a number of assets to decrease indebtedness, empower the company’s financial position and ensure the availability of sufficient cash balance to cover group operations.