Mubasher: Barwa Real Estate on Wednesday announced signing a QAR 1.2 billion ($332 million) financing agreement with a Qatari local bank.

The seven-year deal aims to finance part of the Qatari firm’s capital expenses in 2019, the company said in a statement to the Qatar Stock Exchange (QSE).

 Barwa Real Estate noted that there is no conflict of interest between the contracting parties to this agreement.

During the third quarter of 2018, Barwa Real Estate’s profits fell 9.9% year-on-year to QAR 279.3 million.

The Qatari firm posted an 11.5% profit decline to QAR 1.08 billion during the first nine months of 2018.