Barwa signs a SAR 800 million financing agreement with a Qatari local bank

DOHA: Barwa Real Estate Company announced signing a new financing agreement with a Qatari local bank in the amount of QAR 800 million.

The purpose of the agreement is to finance a part of the company’s capital expenditures during the year 2019. The new facility period is 7 years from the date of the drawdown.

It should be noted that there is no conflict of interest between the contracting parties to this agreement, a bourse filing said.

The Board of Directors of Barwa Real Estate Company has announced the acceptance of the resignation of Salman bin Mohammed Ahmed Al Hassan Al Mohannadi as CEO of Barwa Real Estate Group, and the assignment of Essa Bin Mohammed Al Mohannadi, Vice Chairman of the Board of Directors, as Managing Director to assume the functions of the Group’s Executive Management as of March 1, 2019.

Essa Al Mohannadi is an experienced and competent Qatari national with more than 25 years of experience in the fields of real estate development, tourism, infrastructure and also project development.[the_ad id=”32940″]Essa Al Muhannadi has worked held executive positions in many national companies and institutions. He served as President of Qatar Tourism Authority and served as CEO of Musheireb Real Estate Company of which he contributed in establishing it. Essa many executive positions in Ras Laffan Liquefied Natural Gas Company Limited including business manager and manager of infrastructure projects as part of his contribution in initiating and developing many strategic projects. He is also the founder and manager of the board of directors of Qatar Green Building Council.

He served as Chairman of the Qatar Tourism Authority. He also served as CEO of Musheireb Properties of which he contributed in its foundation. He also held several executive positions at Ras Laffan LNG including a business manager and manager of infrastructure projects, as well as director of operations projects, contributing to the launch and development of several strategic projects. He is the Founder and Chairman of the Board of Directors of the Qatar Green Building Council. He is also the Chairman of the Board of Directors of the Racing and Equestrian Club and a member of the Board of Directors of Doha Film Institute and Qatar Airways.

Essa Al-Mohannadi holds a Bachelor’s degree in Engineering from Texas A&M University in Kingsville, Texas. He holds degrees in Project Management training from Georgetown University in Washington, the Applied Management Certificate from INSEAD and specialized certificates in leadership from Kellogg University and Harvard University.

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