Barwa in $2bn project takeover talks

Khalid al-Nasr, general manager of Qatari developer Barwa Real Estate has said that the company is in talks over the possible takeover of its Barwa City project, worth about $2bn, by a government body, Reuters has reported. He said that, if negotiations are successful, Barwa will hand over the project in phases as they are completed. Phase one of Barwa City would be completed in June 2011 and would house approximately 25,000 residents, al Nasr said in January. The contractor for Phase One of the project is Germany's Bilfinger Berger.