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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Qatar steps in with $7.1 bln support for property firm

Posted on 07 June 2013

Qatar stepped in with $7.1 billion of financial support for its ailing property firm Barwa Real Estate on Thursday, buying some key assets to help the company reduce its debt pile. Qatar Diar, the real estate arm of the Gulf state’s sovereign wealth fund, owns 45 percent of Barwa, according to Reuters data and is stepping in after Barwa notched up liabilities of about 37 billion riyals ($10.16 billion) at the end of 2012 due to overexpansion. Its profit plunged 46 percent in the first quarter.
“The sale proceeds will be directed towards extinguishing the company’s debts, reducing financing costs and improving the company’s financial position,” Barwa said in a bourse statement on Thursday…………………………………….Full Article: Source


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