"Al Shrque Gate" knew that Qatari Diar has recently sold Barwa City to the Retirement and Pension Authority, and the Qatari Diar had bought Barwa City from Barwa group with worth estimated at 7.6 billion riyals to help to ease its debts, on the grounds that Qatari Diar is the strategic partner of Barwa, and that is during sale of assets as part of a program that was concluded between the two parties and was announced of its completion in the month of March 2015.
According to the information, the Qatari Diar, has sold Barwa City with the same price at which it bought the project from Barwa Real Estate Group.
It was within the assets agreed to be transferred in accordance with the program, Barwa Real Estate Company share in Barwa Bank, Barwa Commercial Avenue, Barwa Al Sadd project ", which has been excluded from the program later in the amendment in the Convention," Barwa City project, and some other assets of the company's investment portfolio.
In implementation of this program, Barwa completed the process of selling the company's shares in Barwa Bank successfully, amounting to 37.34% of the bank's shares to Diar Company versus final price of 2.39 billion riyals, in addition to the sale and transfer of ownership of its shares in Barwa Real Estate Company on the date of June 8, 2014 in exchange for a final price of about 7.6 billion riyals, and its shares in Barwa Commercial Avenue Company, amounting to 95% of the company's shares on the date of July 14, 2014 in exchange for an initial price of about nine billion riyals, and that for the benefit of Cyrenaica real estate company which wholly owned subsidiary for Qatari Diar, where all those deals were in exchange for the payment of debt owed by Barwa Real Estate Company.
According to information of "Sharque Gate" that there are now talks between Qatari Diar and the retirement and pensions in order to sell Barwa Commercial Avenue which is worth up to about nine billion riyals.
The Barwa Commercial Avenue is considered one of the longest projects in the world, as it runs with the length of 8.5 kilometers, and consists of five different interconnected areas at the same time with each other which are Gera, Safwa, Wogood, Arkan and Sayer representing a wide range of custom residential and commercial spaces, With a well-developed infrastructure network and service facilities which are designed for the convenience of tenants and their interest. Project facilities include 640 retail stores and medical centers, places of entertainment, number of restaurants and cafes, 730 offices, 540 housing units, and 12 thousand vehicles parking.
Barwa Commercial Avenue provides 908 thousand square meters of high-end facilities, and a mix of modern shopping malls, galleries, offices and high quality residential units that meet the needs of local communities and international companies also.
"Geera" section includes large residential apartments consisting of 460 residential units of one-bedroom category and two and three, all equipped, furnished and are modern and sophistication in addition to an abundance of safe interior parks, also includes a custom variety of commercial activities such as fashion shops, restaurants and banks.
The second section "Safwaa" includes different spaces for shops, this section also includes a range of shops dedicated to all kinds of home and office furniture, also it includes offices of up to 222 offices,
The third section "good" is considered a comprehensive shopping center of high quality and includes shops, restaurants, entertainment centers, serviced apartments, a business center and other, also features a strategic location to serve every business.
While "Arkaan" is the fourth section, where spaces of shops vary and all of which are customized for different purposes to meet all the needs and requirements of customers such as: equipped kitchens, bathrooms, floors, ceramic and etc., As for the offices, they amount up to 144 offices.
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