Barwa Real Estate Company is preparing to open phase one of the Motor City and other major projects this year, a senior official said yesterday.
Mohammed Abd Al Aziz Saad Al Saad, Deputy Chairman of the company said that several new projects will begin this year and many more projects that were under study are in the final stage of completion.
Al Saad was speaking at the annual general assembly of Barwa yesterday.
The Motor City will house used car showrooms, garages, an auction area for sale of used cars, labour camps for workers of these facilities, entertainment facilities and a racing track.
The phase-1 project has been built on 215,677sqm. The facility includes 60 showrooms for used cars, 176 housing apartments and 10 commercial shops and workshops.
The infrastructure developments of the project includes three sub-power-stations, internal roads, networks for drinking water, fire, irrigation and rainy water, drainage and CCTV cameras among other services on an area of 34,066sqm. Qatar Fuel (Woqood) will build a petrol station with complete services at the facility.
Details about all projects will be provided in due time. It was also decided to obtain all necessary permission to start projects to develop plots of land owned by the company in Saudi Arabia. The land measuring 2.2 million sqm was purchased in 2016. Work continues to improve the performances of the companies under Barwa, said Al Saad.
All issues mentioned in the agenda of the meeting was discussed and approved. The AGM approved the board of directors’ proposal to issue cash dividend of QR2.5 per share that is equal to 25 percent of nominal value per share.
Barwa floated tenders for its projects worth about QR3bn this year, said Salman Mohamad Ahmad Al Hassan Al Muhannadi, Group CEO of Barwa.
Regarding the Lusail Golf project, Al Muhannadi said that the project was redesigned to build housing units in place of Golf playground. However, Barwa is waiting to obtain approval from Qatari Diar on new design of the project.
