(MENAFN - Gulf Times) The board of directors of Barwa Real Estate Company has approved the organisation's new corporate strategy and growth plan, which they say is built on a platform of disciplined and sustainable growth.
The strategy was unveiled yesterday by Barwa Group CEO Abdulla Abdulaziz al-Subaie to Barwa corporate and subsidiary employees at a meeting. The new corporate strategy will focus on the planning and execution capabilities of the company's core business - real estate development, while optimising and leveraging synergistic businesses that have an appropriate strategic fit.
Barwa officials say their new vision is to be a reliable real estate company recognised for its strong values, excellence and sustainable returns to its stakeholders.
Commenting on the vision statement, Hitmi al-Hitmi, chairman of Barwa Real Estate said: "The vision emphasises our intention to broaden our investment options while maintaining competitiveness in our core businesses in real estate and related services.
We will continue to ensure selective diversification in our target markets to accommodate for market volatility."
Over the last few years, Barwa has grown substantially from being a purely real estate-focused company into an international diversified business conglomerate with a multitude of investments in real estate, infrastructure, business and financial services.
"Now that we are entering the next phase of growth it is extremely important to consolidate our portfolio and build up the discipline required to focus on sustainable value creation. Barwa's track record as a successful developer is well established and we are well placed to capitalise on the exciting opportunities that are emerging locally and internationally," al-Hitmi said.
Outlining the new corporate strategy al-Subaie said: "Our core mission is to create better places in an efficient manner for people to live, work and enjoy. This new business model aims to further establish Barwa in terms of the way we plan and deliver projects.
This is a corporate centre of excellence model which we aim to implement and replicate time and again as we expand our current and emerging portfolio. Barwa will continue to invest in associated businesses with the promise of a strong return on investment to the benefit of all stakeholders."
Some other key elements of the strategy include enhancing corporate governance, effective risk management across all Barwa businesses and strengthening credibility and stakeholder communication.
During the meeting al- Subaie also detailed the organisation's corporate goals for 2012.