Barwa delays $8.3 billion Al Khor project
Doha, August 31, 2010
Qatari developer Barwa Real Estate Co said on Tuesday it has delayed its QR30 billion ($8.25 billion) Al Khor project, due to sluggish market conditions.
"We have to take into account market conditions. We are pacing ourselves according to the market," a Barwa spokesman told Reuters.
The project, a mixed-use city north of Doha was originally expected to be completed in 2015, but the spokesman declined to give a new completion date.
"Some projects are coming on stream now, others at a slower speed due to market conditions," he said.
"We are not announcing any cancelations today," he said.
Projects which are continuing on schedule and set to launch in the next month or two include Barwa Al Saab, Barwa Village, Masaken and Barwa Commercial Avenue, he said.
"These are projects that are built and that people are moving into, and are well on their way to reaching completion."
Barwa, Qatar's second largest developer by market capitalisation, is an affiliate of the country's sovereign wealth fund, the Qatar Investment Authority, which holds a 45 percent stake in the company. – Reuters
More Construction & Real Estate Stories
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan