Barwa Real Estate sets out five-year growth plan
Barwa Real Estate Company has laid out a five-year business plan intended to achieve sustainable growth and safeguard profitable revenues for its shareholders
Barwa Real Estate Company is eyeing investment opportunities to ensure profitable revenues.
It said its low-cost warehousing project Mustawdaat, as well as Phase 1 of Madinat Al Mawater, are scheduled for completion by this year, according to Gulf Times.
The company has also taken steps to develop an integrated residential and commercial project in Saudi Arabia.
Barwa chairman, Salah bin Ghanim Nasser al-Ali, said that the company has laid out a five-year business plan to cover the period 2016 to 2020. The group will continue to examine available investment prospects in light of its business plan in order to achieve sustainable growth and safeguard profitable revenues for its shareholders.
Commenting on future plans, al-Ali said in the board of directors’ report that Barwa would include the construction and operation of the Mustawdaat project, due for completion Q2 2017, and Phase 1 of Madinat Al Mawater.
The report was released yesterday at the annual general assembly, and presided over by Barwa's vice chairman, Mohamed bin Abdulaziz al-Sadd.
Upon completion, the Mustawdaat project will provide 136,171m² of dry storage areas, 62,812m² of chilled storage areas, and 19,028m² of freezer storage.
It will also involve the construction of a 7,655m² residential compound for workers, 532m² of office space, and a total of 38 retail shops on a plot area of 1,676m², as well as a 700m² mosque.
Included in the project will be 13 sub-power stations, internal connecting roads, loading and unloading areas, networks for potable water, fire systems, irrigation, rain and sewage channels, and their respective tanks.
Extending over an area of 150ha at Rawdat Rashid near Salwa Road intersections, Phase 1 of the Madinat Al Mawater is under construction. The project includes 60 used-car showrooms, 176 apartments of various sizes, shops, workshops, and a petrol station. It is expected to be completed in Q3 2017.
Barwa said that its Lusail project will be developed on a 340ha plot, and will feature a selection of three-, four-, and five-bedroom villas, in addition to one-, two-, and three-bedroom apartments.
In relation to Saudi Arabia, Barwa revealed that it is working to obtain all necessary licences to initiate the development of 220ha of land in Al Janadriyah, Jeddah. The company purchased the plot in 2016, with a view to developing an integrated residential and commercial neighbourhood.
The purchase of the land came in line with the plan to explore the potential investment opportunities of the real estate market in Saudi Arabia that support the company’s land bank, Gulf Times reported.