Barwa Real Estate to sell project to Qatari Diar for $2 bln

Photo: Barwa Real Estate to sell project to Qatari Diar for $2 bln / Arab World

Qatar's struggling property developer Barwa Real Estate said on Wednesday that it was selling Barwa City project to the property arm of the country's sovereign wealth for 7.57 billion riyals ($2.08 billion), Al Arabiya reported.

The deal is part of an agreement by Barwa to sell assets worth a $7.1 billion to Qatari Diar, which was announced in June last year.

Barwa City project would be sold to Labregah Real Estate Company, a wholly-owned subsidiary of Qatari Diar, the developer said in a statement on Qatar's bourse.

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