15-10-2024
Barwa Real Estate Group has announced the signing of a service agreement between Barwa District Cooling Company, wholly owned by Barwa Group, and Commercial Avenue Company. Thus, Barwa District Cooling Company will be the provider of cooling services for the Commercial Avenue project located in the Umm Al Seneem area.
The contract has a duration of 20 years, subject to renewal or early termination, with an estimated total annual revenue of 24 million Qatari Riyals, totaling 483 million Qatari Riyals over the duration of the contract based on the project's actual monthly consumption.
These agreements are expected to contribute to an increase in the group's operational revenues throughout the contract period.
Conflict of interest policies have been considered in this transaction to ensure the avoidance of any conflicts, given that the owner of Commercial Avenue Company (Qatari Diar Company) holds a 45% stake in Barwa Real Estate Group, which fully owns Barwa District Cooling Company.