Mubasher: Barwa Real Estate Company signed a leasing contract for its project Mustawdaat in Umm Shahrain area with Mohammed Hayil Group for Trading and Contracting.

The contract’s period is ten years and a half, starting from 1 October 2017, with a rental value of QAR 755 million, according to a filing to the Qatar Stock Exchange (QSE).

The tenant will operate, maintain, and lease the project during the contract’s period.

In May, the QSE-listed firm signed contracts with Insha Contracting and Trading Company for establishing the second phase of Madinat Al Mawater project at a value of QAR 112.5 million.

The Qatari real estate company’s profits slid 26.4% in the first quarter of 2017 to QAR 479.43 million, compared to QAR 651.46 million in Q1-16.