Qatar’s Barwa Real Estate raises $175m to refinance debt

Dubai: Barwa Real Estate, one of Qatar’s largest listed real estate companies, has raised $175 million (Dh642.7 million) through an Islamic loan from International Bank of Qatar to refinance existing debt, it said in a statement on Sunday. The Sharia-compliant loan will last for seven years from the date that the company draws down on the facility, the firm said in a stock exchange filing. Earlier this month, the company said it would look to refinance its current debt obligations, aiming to increase the lifespan of the maturities on the best available terms, as part of its five-year business plan running between 2016 and 2020.