Chief Executive of Waseef
Barwa Real Estate Group - Doha, Qatar
Public Company; 501-1000 employees; Real Estate industry
June 2010 – May 2011 (1 year)
Waseef was established in Q3 2009 from the merger between Barwa Property Management, Barwa Facilities Management and Barwa Hotels. It currently performs the property, facilities and leasing management for 10,000 residential units in 2011. In 2012, they will add to this massive portfolio with the addition of Barwa Financial District - a 9 tower and almost 700,000 sq. meter BUA mixed use property that will be the world headquarters of Qatar Petroleum. Waseef will expand the activities of Barwa in the local market while simultaneously cutting servicing costs and enhancing performance and quality.
BARWA is one of Qatar’s world leading real estate and investment companies, established in 2005 with the mission of contributing to the sustainable growth of Qatar by investing in businesses, services and expertise. With business interests in real-estate, infrastructure, business services and financial services, BARWA's drive and determination comes from us working in tandem with the Qatari Government’s overarching development plan as laid out in Qatar Vision 2030, which stresses human, social, economic and environmental development.
BARWA aims to be one of the most successful real estate and investment companies in the world, with a home in Qatar and a business operating around the globe.
BARWA's flagship projects include: Barwa Financial District, Barwa Commercial Avenue, Barwa Al Sadd and Barwa Al Doha. Supporting these projects is a group of Business services such as Project Management, Development Management and Asset Management through specialized centers of excellence.
There's been relatively little to find in the English language coverage of Barwa Real Estate Group but there was this June 2013 Reuters piece about how the company planned to sell $7.1 billion in assets to reduce debt and mention is made of layoffs in 2011 due to a restructuring.
... Among the assets being sold to Qatari Diar, which owns 45 percent of Barwa, will be the Barwa Commercial Avenue, Barwa Al Sadd and Barwa City projects, along with parts of the company's investment portfolio, it said.
What are those? Well ...
At least Barwa Commercial Avenue, Barwa Al Sadd and the Barwa City projects (just the City or the VIllage, too?) look like they're assets that are still associated with Waseef. These were apparently some of the assets sold to Qatari Diar, or were planned to be. If someone can confirm that the sale did take place that would be handy.
No, dear reader, you didn't misread that number of $7.1 billion. A bit more from the article:
... The sales will be completed by the end of the year, the company said.
Last October Barwa said it planned to sell assets worth 16 billion riyals ($4.4 billion) in Qatar and Egypt to pay down loans.
The company laid off about 90 employees in a restructuring move in 2011.
Barwa, which laid off about 90 employees in a restructuring exercise in 2011, has properties in France, Switzerland and Britain, focusing on retail, office, hospitality and residential developments.
So can someone confirm if the sale went through?
It went through but apparently didn't help so much
Finally, it is worth noting that despite the state’s effort to invest billions into infrastructure and real estate development, not all Qatari based developers are benefitting from these injections. Mega property developer Barwa Real Estate posted a 40 per cent drop in net profit for the first nine months of 2013 even after receiving $7.1 billion in support from the state to reduce its debts.
And just days ago ...
Wow ... not entirely sure what all of that means but the numbers in dollars are staggering.