Mubasher: Mazaya Qatar Real Estate Development on Thursday announced that its subsidiary Granada Real Estate Investment Company has reached a final agreement with the two companies owning Tornado Company, whereby it will not proceed with its previously proposed acquisition. 

In April, Granada said it was looking to acquire the Tornado Company, the owner of Tornado Tower located in the West Bay Area,

"Granada & the two companies owning the Tornado Company have mutually agreed and have taken a final decision not to proceed with the acquisition," Mazaya said in a statement to the Qatar Stock Exchange (QSE).

By 10:28 am Qatar time, Mazaya’s stock went down 0.56% at QAR 7.01.