RT News

Wednesday, May 07, 2014

Barwa Real estate to sell project to Qatari Diar for $2 bln

Wed, May 07 02:03 AM EDT DUBAI, May 7 (Reuters) - Qatar's struggling property developer Barwa Real Estate said on Wednesday that it was selling Barwa City project to the property arm of the country's sovereign wealth for 7.57 billion riyals ($2.08 billion) The deal is part of an agreement by Barwa to sell assets worth a $7.1 billion to Qatari Diar, which was announced in June last year. Barwa City project would be sold to Labregah Real Estate Company, a wholly-owned subsidiary of Qatari Diar, the developer said in a statement on Qatar's bourse. ($1 = 3.6409 Qatar Riyals) (Reporting by Praveen Menon; Editing by Olzhas Auyezov)

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