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MENAFN - 07/10/2012

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(MENAFN) Qatari developer Barwa Real Estate unveiled plans to give up assets worth USD4.4 billion in Qatar and Egypt to repay its dues, Reuters reported.

The group said the assets on sale include a land in Qatar and the Barwa New Cairo project in Egypt. The sale will be included in fourth-quarter results.

Earlier this month, Barwa's deputy group chief executive said the group was seeking to grab opportunities in London property market before the end of the year, without giving details on potential targets or how much it was willing to invest.

Barwa, which is Qatar's largest listed property developer, is 45 percent owned by Qatari Diar, the property arm of the Qatar Investment Authority (QIA).

Qatar's property market has been hit by an oversupply that saw prices slump in the aftermath of the global economic crisis in 2008.

Investors are betting on Qatar's successful bid to host the 2022 soccer World Cup to reignite a boom in the sector.

 






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