Qatari Diar to buy 95% stake in Barwa Real Estate project for $2.5b

Dubai: Qatari property developer Barwa Real Estate said on Monday it was selling its 95 per cent stake in Barwa Commercial Avenue Co to the property arm of the country’s sovereign wealth fund for 9 billion riyals ($2.5 billion; Dh9.07 billion). The deal is part of an agreement by Barwa to sell assets worth a total of $7.1 billion (Dh26.07 billion) to Qatari Diar, which was originally announced in June last year. The stake will be sold to Labregah Real Estate Co, a wholly owned subsidiary of Qatari Diar, the developer said in a statement on Qatar’s bourse.