Barwa Real Estate has previously announced to QFMA and the Market on 30 May 2012 that it has signed a Memorandum of Understanding with Katara hospitality regarding the sale of Barwa Al Sadd Hotel, its Recreational Center, and Somerset Hotel for a total value of QR 1,100,000,000 (One Billion One hundred Million Qatari Rials). As part of the deal, Barwa Real Estate has previously delivered and transferred the ownership of Somerset Hotel, and delivered the Recreational Center to Katara Hospitality on 28 November 2012.
In finalization of this deal, Barwa Al Sadd (SPC), a subsidiary of Barwa Real Estate, along with Katara Hospitality have concluded signing the sale contract of the Barwa Al Sadd Recreational Center on 12 February 2015 for an amount of QR 81 million (Eighty One million Qatari Rials).
Barwa has received this sale amount in the year 2012, and the financial impact of this transaction has been reflected in the financial statements for the period ending 31 December 2012. Moreover, there is no additional cash flow or any impact on the financial position of Barwa as a result of this new contract.
As part of its operational activities as a developer, Barwa intended to sell these 2 hotels to a specialized hospitality and hotel management company after the completion of their development opening the chances for new developments and investments.
Finally, Barwa Real Estate would like to point out that there is no Conflict of Interest with Katara Hospitality.