By Sachin Kumar
DOHA: Barwa Real Estate Company plans to develop several new projects in the current year. Company’s Annual General Assembly meeting yesterday endorsed recommendation of Board of Directors to distribute cash dividends of 22 percent, equivalent to QR2.20 per share.
Addressing the shareholders, H E Salah bin Ghanim Al Ali, Chairman of the Board, Barwa Real Estate Company and who is also Minister of Culture and Sports said company’s goals for 2016 include commencing development of several new projects, mainly Dara A project in Lusail, phase one of Madinat Al Mawater Project, phase one of Mustawdaat project and the extension of Barwa village project.
Other plans include completion of Al Khor residential project that consists of 300 residential apartments and 50 villas and completion of phase 2 of the Barwa Al Baraha workers accommodation, consisting of 16 residential buildings. The company plans to create Lusail Golf project’s master plan with a land space of 3.6 million square meters. He added that the company will continue efforts to improve the performance efficiency in the Groups’ subsidiary companies.
“Barwa’s team has reviewed all of the new projects of the group to ensure optimum benefit, in accordance with the state’s development requirements and to increase targeted revenues,” Al Ali said.
The Chairman said that during 2014 and 2015, Barwa conducted a comprehensive re-structuring process, which included selling a number of assets to decrease indebtedness, empower the company’s financial position and ensure the availability of sufficient cash balance to cover group operations. The effects of this re-structure were clearly reflected in the financial statements for the year 2015. Company has obtained a number of new assets of expected higher profitability, in order to achieve sustainable growth, he said.
He added that in order to achieve the group’s strategic objectives, Barwa has always emphasised on the development of its human capital. The executive management, consisting largely of highly qualified Qatari personnel, has adopted a new organisational structure, including updated policies and procedures which will contribute to the development of Barwa’s employees by empowering their experiences and competences. This plan will allow Barwa to keep up with the high competition on the real estate market, and contribute to the accomplishment of Qatar 2030 vision regarding the development of human capital.
He said that the company strives to be a major contributor to the society’s development by creating an architectural philosophy that goes beyond the simple principles of construction and aims to find a creative residential solution that serves the different social categories, especially medium-income groups in order to fight the high rise of residential units’ rentals, and also by working on a close cooperation with government, to execute a number of initiatives that serve the national development. The Peninsula
