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Lusail development ... a key project in Qatar.

Barwa acquires half of Lusail Golf development

DOHA, November 4, 2014

Qatar's largest listed developer Barwa Real Estate has acquired a 50 per cent stake in Lusail Golf Development for QR2.48 billion ($681.08 million), the company said in a statement on Tuesday.

The stake was purchased through Barwa International Company, a subsidiary of the property firm, it said in the statement.

Barwa has struggled with debt, leading it to offload assets and cut staffing costs. Qatari Diar agreed to buy Barwa's assets worth $7.1 billion last June, which included its stake in unlisted Barwa Bank.

It made a net profit of QR673.4 million ($184.93 million) in the nine months to September 30, up from QR467.4 million in the year-earlier.  - Reuters




Tags: Qatar | Barwa |

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