The Board of Directors of Barwa Real Estate Co. (Q.S.C), one of Qatar’s largest listed real estate companies, has approved the organization’s new corporate strategy and growth plan, built on a platform of disciplined and sustainable growth.
The strategy was unveiled this morning by Barwa Group CEO Abdulla Abdulaziz Al Subaie to Barwa corporate and subsidiary employees in a town hall meeting. The new corporate strategy will focus on the planning and execution capabilities of the company’s core business – real estate development, while optimizing and leveraging synergistic businesses that have an appropriate strategic fit.
Barwa’s new vision is to be a reliable real estate company recognized for its strong values, excellence and sustainable returns to its stakeholders. Commenting on the vision statement, Mr. Hitmi Al-Hitmi, Chairman of Barwa Real Estate said, “The vision emphasizes our intention to broaden our investment options while maintaining competitiveness in our core businesses in real estate and related services. We will continue to ensure selective diversification in our target markets to accommodate for market volatility.”
Over the last few years, Barwa has grown substantially from being a purely real estate-focused company into an international diversified business conglomerate with a multitude of investments in real-estate, infrastructure, business and financial services. “Now we are entering the next phase of growth it is extremely important to consolidate our portfolio and build up the discipline required to focus on sustainable value creation.
Barwa’s track record as a successful developer is well established and we are well placed to capitalize on the exciting opportunities that are emerging locally and internationally,” Mr. Al-Hitmi said.
Outlining the new corporate strategy Barwa Group CEO Abdulla Abdulaziz Al Subaie, said, “Our core mission is to create better places in an efficient manner for people to live, work and enjoy. This new business model aims to further establish Barwa in terms of the way we plan and deliver projects. This is a corporate center of excellence model which we aim to implement and replicate time and again as we expand our current and emerging portfolio. Barwa will continue to invest in associated businesses with the promise of a strong return on investment to the benefit of all stakeholders.”
Some other key elements of the strategy include enhancing corporate governance, effective risk management across all Barwa businesses and strengthening credibility and stakeholder communication. During the meeting Mr. Al Subaie also detailed the organization’s corporate goals for 2012. “Successful execution of projects and building a workforce of leading, stable talent remains one of Barwa’s top strategic priorities.”
Barwa’s real estate portfolio includes mega projects such as Barwa Financial District, Barwa Commercial Avenue, Barwa Al Sadd, Barwa Al Doha and Barwa City. Barwa Al Sadd, Barwa City and Barwa Commercial Avenue will commence operations in 2012.
Barwa Commercial Avenue, built to establish a world class commercial hub in Qatar, will include around 600 commercial shops and showrooms, 460 residential units and 185,000 square meters of office space. Barwa Financial District, Barwa’s flagship development, which is on sale to Qatar Petroleum, is currently progressing as planned and is scheduled for completion and transfer to Qatar Petroleum by 2014.
Regarding the campany’s future plans, Mr Al Subaie mentioned that Barwa has completed feasibility studies for the Baraha Motor City project, an automotive-themed precinct featuring commercial offices, showrooms, retail, workshops, driving schools, testing track, testing centers and other supporting ancillary services.
Barwa operates in 13 countries outside of Qatar including the Kingdom of Saudi Arabia, Turkey, Egypt, France and Russia. One of Barwa’s most notable international investments, Barwa New Cairo, is a master-planned development in Egypt. The project is not only the company’s largest investment to date but also one of the world’s largest real estate developments currently in construction.
Barwa’s overall aim is to be one of the most successful real estate and investment companies in the world, with a home in Qatar but a business operating around the globe. Barwa’s development locally is tied to the growth strategy of the Qatari government, embodied in Qatar Vision 2030, which stresses human, social, economic and environmental development.
In line with its ambitions and rapid development, Barwa is seeking to leverage global expertise and partner with leading international companies to support its plans.
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