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Posted On: 31 March 2011 10:48 am
Updated On: 12 November 2020 02:11 pm

QP signs deal with Barwa Financial District for HQ

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Qatar Petroleum will own and occupy an iconic 696,000m2 real estate development at the Barwa Financial District under an agreement signed between the companies in Doha yesterday. Barwa Financial District (BFD) will develop its prestigious project to become Qatar Petroleum’s headquarters complex. Upon completion in 2014, BFD will transfer ownership to QP. The development will have some nine towers and a hotel. Barwa Financial District design will be inspired by elements of the Qatari culture and heritage. It will create a “central hub” that meets the needs of both local and international businesses in Doha with Grade-A office space, solid infrastructure, state-of-the-art technology, and parking facilities for more than 5,000 vehicles. The district in this group of 10 towers average 21 to 36 floors and will occupy a prominent position in Doha’s West Bay. Crowning the Barwa Financial District will be its 50-storey-high tower which is set to become one of Doha’s landmarks. BFD will be among the first certified sustainably-designed developments in the Middle East. The framework agreement was signed by HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada and Barwa Group chairman and managing director Ghanim bin Saad al-Saad. The signing ceremony at QP headquarters was attended by senior executives from both the companies. The deal will see Barwa Real Estate delivering a turnkey project for Qatar Petroleum, enabling QP to start operations with immediate effect following delivery. Speaking to Gulf Times, al-Sada said QP had been attempting to locate its headquarters somewhere within Doha. “Now at last, we got an opportunity…we negotiated with Barwa to get it in the heart of Doha. The size of the project and its location suit our requirements. The modifications in design we suggested were accepted by Barwa,” he said. “The idea behind QP taking over the real estate development at the Barwa Financial District is to accommodate its offices, now spread over the city, under one roof.”