Qatar property firms to merge

Barwa Real Estate, Qatar’s second-largest developer, agreed to buy Qatar Real Estate Investment Co as the slump in real estate prices in the region quickens the pace of mergers in the industry.

‘This transaction will create a company with significant scale and depth across all real estate segments and which will continue to play a critical role in supporting the economic development of Qatar,’ Barwa Chairman Ghanim Bin Saad al Saad, said in the statement.

The merger will create a company with a combined market value of about 11.5 billion riyals ($3.2bn), the Doha- based companies said today in a filing on the Qatar Exchange.

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