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Qatar-based Barwa Real Estate announced, today, Aug. 25, completion of the deal for selling a land plot in Riyadh, owned by its subsidiary Wahat Al-Riyadh Real Estate Co., worth SAR 742.38 million, according to a statement on Qatar Stock Exchange.
The land was registered for the buyer at the Saudi notary public, Barwa said, adding that the remaining land price of SAR 712.38 million was received by Wahat Al-Riyadh.
The company earlier received SAR 30 million as a deposit for the deal, the statement added.
Barwa expects QAR 46 million (SAR 47.4 million) net profit from the sale, as the sale will support its cash position to fulfill obligations and pursue development plans.
There is no conflict of interest between the contracting parties, Barwa noted.
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