Dar Al Eloum for Real Estate Development Company, a fully owned subsidiary of Barwa Real Estate Group, announced the signing of a financing agreement with a local bank for the amount of QR 641.4 million. The purpose of the agreement is to finance the development of the Qatar Schools - Package 1project. The term of the new financing is up to 22 years.
It is known that Barwa Real Estate Group (through its subsidiary Dar Al Eloum for Real Estate Development) has signed an agreement with the Public Works Authority (Ashghal) on September 2020 to develop 8 schools under the Qatar Schools Public-Private Partnership Program – Package 1. Barwa Group will develop the eight schools across Qatar, which is the first package within the Qatar Schools Program. Upon completion of development, the schools will be leased to the Ministry of Education and Higher Education. The maintenance services will be provided to the schools over a period of 25 years. This agreement will contribute to securing guaranteed rental income for the group that will help achieve sustainable growth for the group's revenues and the returns of its shareholders.
It should be noted that there is no conflict of interest between the contracting parties to this agreement.