QP seals Barwa Financial District deal
Doha, December 21, 2011
Qatar Petroleum has signed a sales completion agreement with the country's top real estate company Barwa for its QR11 billion ($3.02 billion) development project, Barwa Financial District.
As per the agreement, Qatar Petroleum will re-locate its headquarters and various business entities to the Barwa Financial District and then take over the operations of the development by 2015.
The deal was signed by Dr Mohammed bin Saleh Al-Sada, Qatar Minister of Energy & Industry and chairman & managing director of Qatar Petroleum, and Hitmi Ali Khalifa Al Hitmi, chairman of Barwa Real Estate Company on Wednesday.
As per the sales agreement, Barwa will complete the mammoth project under existing construction and project management arrangements. Once finalized, Qatar Petroleum is expected to commence occupation of the development by 2015.
Dr Al-Sada expressed delight at the completion of the sales agreement for the Barwa Financial District, a project which reflects Qatari tradition, progress, and future aspirations.
'Upon completion of the project, QP is expected to re-locate its headquarters and various business entities to the Barwa Financial District, where it will benefit from the district’s carefully structured business environment that will further enhance productivity,' he added.
Commenting on the deal, Al Hitmi said, “We are proud to partner with Qatar Petroleum on the Barwa Financial District project. We are keen on working hard to provide the best real estate services possible and thereby fulfill the future aspirations of Qatar Petroleum.”
In March, Barwa had sealed a sales framework agreement with Qatar Petroleum, said the official.
Accordingly, Barwa Financial District Company, a subsidiary of Barwa, was mandated to develop the 696,000 sq m Barwa Financial District, a unique project from both a design and architectural prospective, he added.
The Barwa Financial District has won local, regional and international awards, including best design for an office project in Qatar, best design for an office project in the Arab region, and best project design for international administration offices in the region through Kohler – Germany.
Inspired by elements of local Qatari culture and heritage, the giant project is expected to meet the needs of local and international businesses in Doha, through its Grade-A office space, solid infrastructure, state-of-the-art technology, and parking facilities for over 5,000 vehicles.-TradeArabia News Service