Barwa Real Estate, the Doha-based real estate developer has obtained a QR600m ($164.8m) financing facility from Qatar International Islamic Bank.

The developer, one of the biggest in gas-rich Qatar, will use the loan to partly fund some of the company’s new projects under construction, it said in a statement to Qatar Exchange, where its shares are traded.

“The signing of this agreement reinforces the company’s strategy of strengthening its financial position by financing the upcoming projects through credit facilities with favourable rates, terms and conditions,’’ it said without elaborating which of the projects it intends to finance through loans.

Earlier this year, Barwa agreed financing agreements worth $1.13bn with a Qatari bank to refinance some of its debt. With the signing of nine-year facility, Barwa has refinanced all of its liabilities, the company had said in a bourse state without identifying the lending bank.

Barwa is currently developing several large real estate projects in Qatar. The company has awarded its $500m Baraha Motor City project’s first phase contract to local Insha Contracting & Trading, MEED reported in September. The mixed-use community built across 1.8 million square metres will comprise housing for up to 20,000 low-income workers.

Contractors are expecting to submit bids for the project’s second phase by the end of this year.

It is also expanding into Saudi market where it has acquired a plot of land in Riyadh for $175.8m. Barwa plans to develop the 2.2 million square metre plot for residential and commercial use.