Barwa Group signs a financing agreement for Qatar Schools – Package I Project
October 28, 2021 at 04:23 am EDT
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Barwa Group signs a financing agreement for Qatar Schools - Package I Project
28/10/2021
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.
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Barwa Real Estate Company QSC published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 08:22:06 UTC.
Barwa Real Estate Company QPSC is a Qatar-based public shareholding company, which is engaged in the real estate operations and development. The Company is active in the following business segments: Real Estate, which develops, sells and leases condominiums, villas and plots of lands; Business Services, which provides business support services, as well as Financial Institution and Other Services, which comprises banks, financial and other institutions. Along with its subsidiaries, the Company focuses on the domestic and international real estate development business, investments, hotels ownership, project consulting, advertisement, brokerage services and others. The Company operates through the acquisition, reclamation, development and reselling of lands to establish agricultural, industrial and commercial projects, as well as in the real estate administration inside and outside the State of Qatar.