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Multi-million dollar loan to fund Barwa projects

by Sarah Blackman on Oct 15, 2009

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Barwa is working on projects in Qatar worth US $4 billion

Barwa Real Estate is set to receive a US $115 million (QR420 million) Islamic loan to fund its ongoing projects, the developer announced on the Qatar stock exchange on Wednesday.

“The Board of Directors has ratified a shariah-compliant Murabaha financing agreement with International Bank of Qatar,” said the firm in a statement. “The agreement aims at providing a financial umbrella for the company’s ongoing projects and investments.”

Over the next five years Barwa will be executing projects in Qatar worth $4 billion in total, including the $1.5 billion Barwa Village, which is currently under construction.

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The Qatar developer will also begin construction on a $9 billion mixed-use development in New Cairo City, Egypt in the first quarter of next year.

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