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Posted On: 27 July 2011 09:54 am
Updated On: 12 November 2020 02:11 pm

Qatar Airways rents Barwa City for QR7.1bn

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DOHA: Qatar’s national carrier, Qatar Airways has reached to an agreement with Barwa Real Estate Company to rent the entire Barwa City, says reports. The agreement between the two parties worth QR 7.1 billion, reached recently reported the Al Sharq newspaper. Barwa City has 128 building complexes comprising of 6,000 units that can accommodate 25,000 people. While, the Qatar Airways employees are being provided accommodation in different places and through this deal many residential buildings are likely to be vacant in the city. Delivery of the units will be by September next year. However, specifics were not given as to how long the rent duration will be. Sources close to the deal say it might be for 5 years with the possibility of renewal after the contract expires. This agreement between the Qatar Airways and Barwa Real Estate Company is the biggest deal in the real estate rental market to date.