BARWA Sponsors Gala Dinners in Paris, Strengthening Ties Between Qatar and France

DOHA, Qatar - The French President Nicolas Sarkozy, Joins 1,000 Dignitaries at Pavillon-Capucines, Paris

- France, UK, Turkey and Russia Project Updates

- QR 24 Billion in Assets Underpins Future BARWA Expansion

- BARWA Diamond Sponsor

DOHA, Qatar, April 1 /PRNewswire/ –

BARWA Real Estate Company (BARWA), one of the premier organizations in the State of Qatar, was the Diamond sponsor of a Gala event held in France which was attended by President of France, Nicolas Sarkozy, as well as political and business leaders from both France and Qatar. More than 1,000 Qatari and French dignitaries packed the Pavilion-Capucines in Paris to strengthen cultural and commercial ties between both countries.

During this event four officials from BARWA, headed by Chairman & Managing Director - Ghanim Bin Saad Al Saad, were interviewed by the French media revealing their profound respect for their partnerships with France.

“Economic relations between France and Qatar are very strong. In order to celebrate our deep-rooted and sound relations, and future successful partnerships, BARWA thanks the Embassy of the State of Qatar for arranging the opportunity for BARWA to outline our future plans, including France, to build projects which benefit European communities,” said Mr. Al Saad BARWA.

“Winning the Award of Excellence in the category of “Best Islamic Real Estate Institution Globally” at the International Real Estate Finance Summit in London 2008, raised awareness that BARWA is now a major player in the global real estate sector. With total assets exceeding QR 24 billion, BARWA has the financial capacity to tackle any good opportunity, wherever it arises,” explained BARWA President of Finance, Mr. Tamer Khedr.

Highlighting the increasing number of Qatari-French business partnerships is BARWA’s establishment of Marafeq, a Qatari (51%)-French (49%) joint venture utility company providing waste management, waste water and water management services for BARWA and Qatari Diar projects in Qatar and overseas.

Mr. Yousef Al Hamadi, Marafeq Chairman and Managing Director, revealed that initial projects for the QR30 million (7.5 million euro) company include design the Energy City infrastructure; master planning the New Cairo City and Lusail, Qatar developments, and finalising a waste collection project in Russia.

Confirming that BARWA currently places a strong focus on French expansion, the company recently signed a Memorandum of Understanding with French conglomerate Unibail-Rodamco. The groundbreaking alliance sees the two companies investigate projects of mutual interest, including how Unibail-Rodamco can support BARWA’s Qatar Project Management Company initiative, which aims to give talented Qatari engineers and managers the opportunity to learn from the world leader in shopping mall development.

“We are talking and making agreements with Unibail-Rodamco regarding our operational plans. They can help BARWA and our employees with operational know-how so our projects operate to the highest international standards,” advises Mr. Ibrahim Fakhro, BARWA President of Corporate Subsidiaries.

BARWA President of International Developments, Tarek Al Jaber, revealed further details of BARWA’s growing European development portfolio to French media, updating on latest projects in Turkey, Russia, UK and France.

Al Jaber confirmed that BARWA’s strategically important first Turkish development, Istanbul Seagate close to Ataturk Airport and the old city, is anticipated to commence construction during the fourth quarter of 2009. The 35,000 sq m mixed use residential and commercial development features 2 towers, one of which will be serviced hotel apartments consisting of 1 and 2 bedroom serviced apartments and retail while the other will be mainly residential. With BARWA’s phenomenal international growth, Al Jaber also emphasized on the plans for the company’s first Russian project. Located in the rapidly expanding Astrakhan region, the commercial and retail development will feature a shopping mall and a Russian brand DIY superstore.

Al Jaber was equally upbeat regarding BARWA’s first UK investment, the landmark Shard of Glass tower located on the world famous London Bridge in the historical centre of the English capital city.

Developed in partnership Qatar National Bank, Qatar Islamic Bank, Q Invest, and the UK based Sellar Property Developments, the 300-metre high Shard of Glass will not only be the tallest tower in London, but the whole of Europe.

Designed by renowned Italian architect and Pritzker Prize winner Renzo Piano and guaranteeing spectacular views over the entire city of London, the Shard of Glass foundations are currently being laid with Al Jaber expecting completion by end of 2011/early 2012, before the London Olympics.

Offering full service provision of residential units, serviced apartments, hotel, office space, galleries, restaurants, commercial areas, Shard of Glass is quite simply a small town in itself.

In addition to investments in premium Paris hotels The Royal Monceau and The Majestic, BARWA International Developments sector currently owns substantial commercial property in the heart of Paris, leased to high profile tenants such as Peugeot Research & Development and France Telecom and reaping the financial rewards of a buoyant French real estate market.

“We consider Paris as a strategic market and it was the launch point for BARWA International Developments sector. We gained international recognition through our Parisian transactions - The Majestic, The Royal Monceau and the 4 office buildings. So while we still look at Paris and France in general as a strategic market for BARWA, we are also thinking carefully for the right time to do more business here,” Al Jaber informed French journalists.

As developing countries outside Qatar face a financing shortfall of US$500 billion this year, Tamer Khedr affirmed BARWA support for worldwide efforts to end the global economic crisis. “We see more rational plans coming from the governments. So the US, France and Germany are trying to find mutual and efficient plans for the crisis. People are trying to avoid what happened in the great depression in the 1930s, when each country closed its doors and tried to have its own solution. It will need unanimous solutions which really boost the global economy again,” added BARWA President of Finance Tamer Khedr.

BARWA local and international developments are the best spokesmen of BARWA’s achievements. BARWA local developments includes: BARWA Al Baraha, BARWA Al Doha, BARWA Commercial Avenue, BARWA Al-Khor, BARWA Al Rayyan and BARWA Financial District. Among BARWA international developments: Somerset Al Fatah (Bahrain), Somerset Corniche (Doha), Sheza hotels, Ajman Corniche (UAE), New Cairo (Egypt), Paris Hotels (France), Istanbul Seagate (Turkey) and Vegetables Central Market Development Project (KSA).

Notes to the editor

About BARWA:

BARWA is one of the premier organizations in the State of Qatar. As the name “BARWA” or “Contractual Commitment” suggests, we are inspired by our vision of a glowing future for Qatar.

With business interests in real estate & project development, property & facility management, construction material production, environmental activities & health, banking & finance, hotels & resorts, technology & utilities, education, communications and agriculture, BARWA is driven by the conviction that people deserve a comfortable living and working environment.

With extensive operations in Qatar and around the world, we believe that every BARWA project is the seed for an incredible journey, where our greatest achievement is realizing the dreams of our stakeholders.

www.BARWA.com.qa

For further information, kindly contact: Bassel Hanbali - Chief Communications Officer - BARWA, Mobile: +974-600-4651, Email: bassel.hanbali@BARWA.com.qa.

Source: BARWA

For further information, kindly contact: Bassel Hanbali - Chief Communications Officer - BARWA, Mobile: +974-600-4651, Email: bassel.hanbali at BARWA.com.qa.