- The press conference was held at the site of phase one of Madinat Al Mawater project.
- 20% increase of net rental income in Q1 and enhanced operational revenues.
- Commencing operation of Shell Employees Housing Complex - AlKhor.
- Commencing the development of Barwa Village extension project with a total construction cost of QR 63 million and a total built up area of 34,4 thousand square meters.
- Near completion of developing phase one of Madinat AlMawater project and huge turnout rate for leasing.
- Phase two of the project shall start in the second quarter of 2017 to fulfill all leasing requests.
Barwa Real Estate Company held on Sunday its press conference to announce the group's results in the first three months of the year 2017. The presser was held at the site of phase one of Madinat AlMawater; Barwa's latest projects that is expected to become soon one of the operational assets of the group. The press conference was led by Group CEO Mr. Salman Bin Mohammed AlMohannadi and attended by members of the executive management of the company, with the participation of a big number of business reporters of local media.
Commenting on the financial results of the first quarter, Mr. Al Mohannadi stated that Barwa is steadily pursuing its plan to achieve its objectives and execute its five year business plan to increase sustainable revenues for the company's shareholders.
In this context Barwa works on the following main streams:
1. Continue to support the asset base with new operational assets:
As the company managed during the first quarter to start operating Shell Employees Housing Complex- AlKhor with total residential units of 350.
2. Enhance the operational efficiency of current operating projects:
As the group has succeeded in increasing the occupancy rate of Barwa Al Baraha - labor accommodation project, contributed in increasing the net rental income by 20% compared to the same period of 2016. it is worth mentioning that the group's current operational assets include 6,463 residential units and 12,021 workers accommodation rooms, in addition to 150,940 square meters of commercial shops and 44,307 square meters of office spaces.
3. Developing new projects in light of the five-year Business plan (2016-2020):
As the group has several project that are currently under construction such as Mustawdaat project, Dara A project and Barwa Village Extension project. Once completed, they will provide 1,094 residential units, 688 workers accommodation rooms and 259,446 square meters of warehouses and storage spaces, in addition to 13,693 square meters of offices and commercial shops. The group also will commence the development process of various projects that are currently under design. Those projects are expected to provide 4,332 residential units and 191,340 square meters built up area of warehouses and stores, in addition to 38,927 square meters of office and shop spaces.
4. Enhance the financial position of the group so as to face the risks of fluctuation in the financing and real estate market:
The group managed to maintain available cash balance enough to cover the group's operations and support the investment strategy with a balance amounted to QR 3.7 billion.
5. Increase coordination with the Government to execute the necessary real estate projects in line with the development plan of Qatar as part of Qatar National Vision 2030.
This is clearly demonstrated in many projects, the latest of which are Mustawdaat project and Madinat Al Mawater project.
6. Maintain open channels of communication with the shareholders and the market:
As Barwa holds quarterly press conferences to answer all enquiries of the shareholders and the market. The Company also launched its new website that includes all the updates and details of its projects and developmental plans.
Al Mohannadi expressed his deep appreciation and gratitude to H.H. Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar and His Excellency Sheikh Abdullah Bin Nasser Khalifa Al Thani, Prime Minister and Minister of Interior for their unlimited support for the national companies. This support is paving the way and removing the obstacles that we generally facing. Mr. Al Mohannadi also extends his gratitude to all the employees of Ministry of Municipality, Kahramaa and Ashghal for their cooperation with the company to complete the development of its projects.
The press conference was held at the site of Madinat Al Mawater; the latest real estate project of Barwa which is expected to complete phase one of during the second quarter of 2017. This project comes as a result of the partnership between Barwa and the Government to create a central market place offering all the necessary services for the used-car business as it accommodates showrooms, workshops, housing units, retail shops and various services, in addition to large areas of designated car parking plots. The project shall help solving the problem of concentrating this business inside Doha and over- crowdedness of cars in the residential areas.
Spanning over a plot area of 1.6 million square meters in Rawdat Rashid, development of phase one of the project was initiated in May 2016 with a built up area of 34,000 square meters. It is expected to be completed in the second quarter of 2017.
Al Mohannadi stated that despite being challenging, phase one of the project was completed according to the planned time frame under the continuing supervision of H.E. Mr. Salah Bin Ghanem Al Ali, Chairman of the Board of Directors and all members of the honored Board.
Al Mohannadi highlighted that there is a constant follow up on this project by senior officials of the country to make sure that all obstacles have been removed which largely helped to realize this achievement in such a short period of time.
Group CEO Mr. Al Mohannadi noted that the huge turnout rate for the leasing of phase one has encouraged Barwa to commence the development of phase two in the coming few days so as to fulfill all leasing requests.
On the sidelines of the press conference, several lease contracts of phase one have been signed and Mr. Al Mohannadi announced that the details and building cost of phase two will be disclosed soon.