Barwa to sell financial district to Qatar Petroleum

14 February 2010

West Bay office complex has 10 high-rise towers

Local developer Barwa Real Estate Company has reached a deal to begin discussions over the sale of Barwa Financial District to State-run energy company Qatar Petroleum (QP).

If the sale is completed QP will use the 71,000 square-metre project as its corporate centre for administration, general operations and financial activities.

“In light of the current economic situation, QP needed to have an answer for its current and future headquarter requirements and the Barwa Financial District is that solution. QP welcome and look forward to further cooperation on this project,” says Abdullah bin Hamad al-Attiyah, Deputy Prime Minister, Energy and Industry Minister and chairman of QP. 

The project comprises 10 towers averaging 24 to 55 floors in Doha’s West Bay area. Barwa anticipates to complete the project in 2013 under existing construction and project management arrangements.

A consortium of France’s Bouygues, and Aljaber Engineering and Midmac Contracting Company, both local, won the QR4.8bn ($1.3bn) main construction contract to build the development in November last year.

QP had been planning to build its own offices in Doha and Ras Laffan. In early February QP cancelled a tender for the estimated QR1.5bn ($411m) contract to build an office complex at Ras Laffan (MEED 8:2:10).

QP planned to use the three office buildings as the centre for its operations at Ras Laffan, where most of Qatar’s oil and gas projects are based. It is not clear if QP will issue fresh tenders for the project in the future.

Separately QP is tendering construction packages on a much larger headquarters complex at Lusail, close to Doha. That project consists of four office towers of nine to 15 floors, linked by a ground level concourse.

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