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Barwa bags urbanisation project off Monaco coast


 
The Doha-based Barwa Real Estate Company won the second competition for the urbanisation project off the coast and the coral reef of Monaco, the Minister of State of Monaco, Jean-Paul Proust told a news conference held in Monaco yesterday. The project cost is estimated at between 5bn euros and 10bn euros (QR24bn-QR48bn) and is expected to be completed in 10 years, a news release said.

This giant expansion project will utilise a 275,000 sq.m area along the Monte Carlo coastline of Monaco besides the basin and coral reef. After completion, Monaco city will be connected to a city of integrated services, including commercial and residential buildings and complexes, hotels, schools, parks, car parking areas, and other related facilities.

The project is considered significant for its urban and tourist importance and the second expansion for the city in thirty years since the first expansion. The Government Counselor for Facilities, Robert Calcagno, said that 16 leading international bidders were competing to win the project contract, but the strict and detailed financial, administrative and executive study of each company’s profile prompted the government of Monaco to shortlist 5 companies, Barwa Real Estate Company was among them.

“We, at Barwa, are pleased to co-work together on private partnership projects to create a new landmark construction in Monaco,” said Ghanim Bin Saad Al Saad, Chairman and Managing Director of Barwa Real Estate Company. He added that Barwa is proud to achieve such a great overseas expansion, which underscores its steady and practical strategy in targeting the best projects and investments.

 

Ghanim Bin Saad Al Saad noted, referring to the selection of Barwa for pre-qualification for the Monaco project, that Barwa was the only Middle East – based company that reached the final stage of qualification amongst the 5 reputed international counterparts, and is proud to have reached this stage.

He said that the company has succeeded in becoming one of the major players in the field of real estate & investment development in a very short period of time and has implemented a set of huge urban projects in the Middle East, the Gulf region and the world, Al Saad revealed that the company’s future real estate investments also include buying some properties in Paris and a QR 235m residential tower in Qatar in addition to some lands in Egypt.
 


 

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