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Qatar's Barwa to sell $4.4 bln in assets to repay loans

Real Estate developer Barwa says it will sell assets worth $4.4 billion to pay down loans

Reuters, Sunday 7 Oct 2012
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Barwa Real Estate plans to sell assets worth 16 billion riyals ($4.4 billion) in Qatar and Egypt to pay down loans, the Qatari property firm said on Sunday.

The assets being sold include land in the Gulf Arab state as well as Barwa New Cairo project in Egypt. The sale will be reflected in its fourth-quarter results, it said in a statement.

Barwa, Qatar's largest listed property developer, is 45-percent-owned by Qatari Diar, the property arm of the country's acquisitive sovereign wealth fund, the Qatar Investment Authority.

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