Qatari developer buys land in Riyadh

02 August 2016

The Doha-based developer has acquired a plot of land in Riyadh for a new project

Qatar’s Barwa Real Estate has acquired a vacant plot of land in Riyadh for $175.8m, according to a company statement.

The statement said that the 2.2 million square metre plot of land is part of the company’s plan to explore real estate investment opportunities in the kingdom, and that the project would include residential and commercial use.

Earlier this year the Doha-based property development and investment company 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 said in a statement to Doha’s bourse, where its shares are traded.

The developer didn’t identify the lending bank for this latest facility.

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