Barwa Real Estate, 45%-owned by Qatari Diar Real Estate and Investment, has announced its net profits for the first half of 2012 fell 21.1% to $163m from $206.67m recorded in the same period last year.
Barwa, the Gulf country’s largest listed property developer, announced last May it was planning to launch a $4.94bn mixed-use Golf City project to be built within the planned coastal Lusail City north of the capital Doha, ahead of the 2022 World Cup soccer tournament.
To be financed through a combination of off-plan sales and sub-development, the project will include 4,000 residential units and a golf course, and is expected to be ready by 2018, Barwa said.
