Barwa completes sell-off in construction firms
Company raises $18.9mn through sale in Qatari Diar-Saudi Binladin joint ventures
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.