(MENAFN) Arcapita, the Bahrain-based Islamic investment firm, announced it has sold its 50 percent stake in Lusail Golf Development to Barwa Real Estate Company, Arabian Business reported.
Lusail Golf, which owns the development rights to a 3.66 million square meter plot of land north of Doha with a total value of the plot approximately being USD1.4 billion, while the plot owned by Lusail Golf is located in Lusail City, a master-planned development covering an area of 21 square kilometers
Upon completion, Lusail City is expected to include residential and commercial developments as well as districts focused on education, media, energy and entertainment.
'Arcapita has an established track record of master-planning and developing large-scale golf residential communities having made successful investments in leading projects in Dubai and Bahrain. Pursuing investment opportunities in real estate markets across the GCC region continues to be a key part of our global investment strategy,' CEO of Arcapita said.
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