QATARI DEVELOPER IN QR2.54 BILLION LAND DEAL

Qatar's Barwa Real Estate says it will sell land worth QR2.54 billion ($697.4 million) to the government, making this the latest state assistance the indebted developer has received.

In exchange for a plot in Lusail City, Barwa received QR1.04 billion ($285 million) in cash, while the government also settled QR1.5 billion ($411 million) of the developer's bank loans, according to the bourse filing as reported by Reuters. The sale was agreed on September 30 and will have a positive impact on the company's financials, although Barwa did not specify in which quarter the deal would be logged. The size of the plot was not disclosed, the report added.