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Barwa completes sell-off in construction firms

Company raises $18.9mn through sale in Qatari Diar-Saudi Binladin joint ventures

NEWS, Business, Barwa real estate, Doha metro, Joint venture, Qatari Diar, Saudi Binladin Group

Barwa Real Estate has announced that it has completed the sale of its shareholdings in a pair of Qatar-based joint ventures with Saudi Binladin Group.

The company has sold stakes in QD-SBG Construction - the Qatari Diar/Saudi Binladin contracting joint venture working on the Doha Metro Green Line - and in building products company QD-CPC Industries.

It had owned a 21.5% share in both companies alongside Saudi Binladin Group and Qatari Diar - the real estate arm of Qatar's sovereign wealth fund, Qatar Investment Authority.

It had a stake of 21.5% in both firms, which have been sold to Qatari Diar for $18.9mn (QR69mn).

Qatari Diar also owns a 45% stake in Barwa Real Estate.

 

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Construction Week - Issue 745
Jun 30, 2019