(MENAFN - Qatar News Agency) HE the Minister of Energy and Industry and Chairman and Managing Director of Qatar Petroleum Dr. Mohammed bin Saleh Al-Sada and Chairman of Barwa Real Estate Company Hitmi Ali Khalifa Al Hitmi today signed a sales completion agreement for the Barwa Financial District.
The signing ceremony was held at the Sheraton Doha Hotel in the presence of senior officials from both companies as well as media representatives.
Upon completion of the project, Qatar Petroleum is expected to re-locate its headquarters and various business entities to the Barwa Financial District, where it will benefit from the district s carefully structured business environment that will further enhance productivity.
HE Dr. Al-Sada expressed his delight at the completion of the sales agreement for the Barwa Financial District, a project which reflects Qatari tradition, progress, and future aspirations. HE the Minister stressed that the Barwa Financial District will undoubtedly contribute towards providing superior services for all.
For his part, Al Hitmi said: "We are proud to partner with Qatar Petroleum on the Barwa Financial District project. We are keen on working hard to provide the best real estate services possible and thereby fulfill the future aspirations of Qatar Petroleum".
Barwa is expected to complete the project under existing construction and project management arrangements. The initial value of the project is estimated at approximately QR 11 billion. Once finalized, Qatar Petroleum is expected to commence occupation of the development by 2015.
In March 2011, Barwa Real Estate Company sealed a sales framework agreement with Qatar Petroleum.
Accordingly, Barwa Financial District Company, a subsidiary of Barwa Real Estate Company, was mandated to develop the Barwa Financial District, a unique project from both a design and architectural prospective. Covering an area of 696,000 square meters, the Barwa Financial District is expected to house the headquarters of Qatar Petroleum, which will own and operate the development.
The Barwa Financial District has won local, regional and international awards, including best design for an office project in Qatar, best design for an office project in the Arab region, and best project design for international administration offices in the region through KOHLER Germany.
The project has also won the Diamond Award for exceptional compliance with management quality from Geneva and it has already achieved 12 million man hours with no lost time injury.
Inspired by elements of local Qatari culture and heritage, the Barwa Financial District is expected to meet the needs of local and international businesses in Doha, through its Grade-A office space, solid infrastructure, state-of-the-art technology, and parking facilities for over 5,000 vehicles.
The Barwa Financial District consists of 10 towers, which have an average of 21 to 36 floors and occupy a prominent position in Doha s West Bay area. Its crowning glory is its 50-storey high-rise tower, which is well on its way to become one of Doha s landmarks as well as an icon of the city s skyline. The Barwa Financial District is also expected to be among the first to be certified as a sustainably designed development project in the Middle East.