Barwa Real Estate Signs an Agreement to Sell A Plot of Land in Saudi Arabia
April 11, 2021 at 03:12 pm EDT
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Barwa Real Estate Company announced the signing of an agreement to sell the plot of land owned by Wahat Al-Riyadh Real Estate Company "wholly owned by Barwa Group", provided that the sale process is completed and registered with a notary upon fulfilling all the terms and conditions of the agreement and paying the rest of the sale price within a period not exceeding 90 days from the date of signing the agreement, which saw Barwa receive the first payment on the sale price calculation. The total sale price is SAR 742,380,100, excluding real estate disposal tax. All financial terms of the agreement and its financial impact will be announced upon completion of the sale. The Group purchased this land, which is located in Al-Janadriyah area in the Saudi capital, Riyadh, in 2016. Its area is about 2,216,060 square meters (two million two hundred sixteen thousand and sixty square meters). It should be noted that there is no conflict of interest between the contracting parties in this agreement.
Barwa Real Estate Company QPSC is a Qatar-based public shareholding company, which is engaged in the real estate operations and development. The Company is active in the following business segments: Real Estate, which develops, sells and leases condominiums, villas and plots of lands; Business Services, which provides business support services, as well as Financial Institution and Other Services, which comprises banks, financial and other institutions. Along with its subsidiaries, the Company focuses on the domestic and international real estate development business, investments, hotels ownership, project consulting, advertisement, brokerage services and others. The Company operates through the acquisition, reclamation, development and reselling of lands to establish agricultural, industrial and commercial projects, as well as in the real estate administration inside and outside the State of Qatar.