Barwa Real Estate and Qatar Petroleum sign framework agreement

Press release

Published March 31st, 2011 - 08:55 GMT

Al Bawaba

Barwa Real Estate (Barwa), Qatar’s leading listed property development company, announced today that it has entered into a framework agreement with Qatar Petroleum (QP). Barwa Financial District (BFD) will develop its iconic project to become QP’s headquarter complex. Upon completion, BFD will transfer ownership to QP, who will own and occupy the development.

The framework agreement was signed by Mr. Ghanim bin Saad Al Saad, Chairman and Managing Director, Barwa Group, and Dr. Mohamad bin Saleh Al-Sada, the Minister of Energy & Industry, Chairman & Managing Director of QP. The signing ceremony, held at QP headquarters in Doha, was attended by a number of officials representing both companies.

Barwa Financial District design is inspired by elements of the Local Qatari Culture and Heritage, which is conceptualized to create a central hub and meet the needs for both local and international businesses in Doha with Grade-A office space, solid infrastructure, state-of-the-art technology, and parking facilities for more than five thousand vehicles. The district in this group of 10 towers average 21 to 36 floors and will occupy a prominent position in Doha’s West Bay area. Crowning the Barwa Financial District is its 50 storey high tower which is well on its way to become one of Doha’s landmark sights and an icon of the city’s skyline. BFD will be among the first certified sustainably designed developments in the Middle East

The deal will see Barwa Real Estate delivering a turnkey scheme for Qatar Petroleum, enabling QP to commence operations with immediate effect from the first day of delivery.

Barwa anticipates to complete the project under the existing construction and project management arrangements, and Qatar Petroleum is expected to commence occupation of the development by 2014.

Background Information

Barwa

Barwa's foundations were laid on 15 November 2005, when it obtained its commercial license. The group's name derives from an important principle in Qatar's commercial heritage - the concept of a reliable and trustworthy agreement or contract. These values form the core of our corporate personality.
Since its establishment, Barwa has proven to be a dynamic and powerful contributor towards the development of Qatar. We seek to contribute to the government's over-arching development plan for Qatar as set out in the Qatar National Vision 2030 which has been launched and is being sponsored by His Highness Sheikh / Tamim bin Hamad Al Thani – The Emir.

Company Profile

Qatar Petroleum

Qatar Petroleum (QP) is a state-owned public corporation established by Emiri Decree No. 10 in 1974. It is responsible for all phases of the oil and gas industry in the State of Qatar.

The principal activities of QP, its subsidiaries and joint ventures are the exploration, production, local and international sale of crude oil, natural gas and gas liquids, refined products, synthetic fuels, petrochemicals, fuel additives, fertilizers, liquefied natural gas (LNG), steel and aluminium.

QP’s strategy of conducting hydrocarbon exploration and development is through Exploration and Production Sharing Agreements (EPSA) and Development and Production Sharing Agreements (DPSA) concluded with major international oil and gas companies.