Doha: Barwa Real Estate Group held its Ordinary General Assembly meeting yesterday, after achieving the required legal quorum, which amounted to (...%) of the total shares.

Participated in the meeting that was held at the Sharq Hotel, the Chairman and members of the Board of Directors, the CEO of Barwa Real Estate, the auditor, and representatives of the Ministry of Commerce and Industry (Companies Control Department).

During the assembly’s proceedings, approval was granted for the Board of Directors’ report on the company’s activity and financial position for the fiscal year ending on December 31, 2022, in addition to the company’s future plan for the year 2023.

Furthermore, approval was given for the auditor’s report on the financial statements for the year 2022, and the company’s compliance with the regulations of the Qatar Financial Markets Authority related to the Corporate Governance Law, as well as its adherence to the internal controls for preparing financial reports for the previous year. The appointment of auditors for the fiscal year 2023 and the determination of their fees were also approved, along with the adoption of the Corporate Governance Report and the Sharia Supervisory Report for the year 2022, and the appointment of a Sharia Supervisory Body for the year 2023. Additionally, the general budget of the company and the profit or loss account for the fiscal year ending on December 31, 2021, were approved, and the members of the Board of Directors were absolved of any liability, and their remuneration was determined. The ordinary general assembly also approved the proposal of the Board of Directors to distribute cash dividends of QR0.175 per share, which represents (17.5 percent) of the nominal value of the share for the fiscal year ending on December 31, 2022.

During the ordinary general assembly, Mr. Salah bin Ghanim Al Ali, Chairman of the Board of Directors, reviewed the Board’s report, which included a comprehensive presentation of the company’sactivities, performance, and financial statements for the year 2022, as well as its future plans. His Excellency Mr. Al Ali stated: “In 2022, Barwa Real Estate Group was able to implement its business plan, which was carefully and meticulously developed to keep up with the requirements of this exceptional year, which witnessed a successful organization of the international tournament, the FIFA World Cup Qatar 2022.

This required all of us to put forth our efforts, knowledge, and experience more than ever before, to fulfill our duties in supporting the state’s needs to achieve this global success. The Group continues to maintain its leading national position in the field of real estate development.”

His Excellency emphasized that the State of Qatar was able to present an exceptional and historic football event that is a testimony to Qatar’s reputation and provided an unforgettable experience for everyone, worthy of its name and enhancing its position on the global sports scene.

This success was supported by the diligent efforts of all state bodies, as well as contributions from private sector companies and institutions since winning the bid to host the tournament in 2010. In addition, all resources were mobilized to build sustainable infrastructure and development projects that will be a real legacy for future generations.

His Excellency added that the Barwa Real Estate Company was at the forefront of national companies that were keen to participate in supporting the success of this global event by developing integrated real estate projects that provided an exceptional residential experience for the tournament’s visitors and fans, contributing to the sustainable growth of the group and reflecting the accumulated experiences of the Group in accomplishing many achievements and making “Barwa Real Estate Company” a distinguished synonym for the development, operation, and management of real estate assets.

Regarding financial performance, his excellency stated that: “The company was able to achieve an annual growth in its profits for the year 2022 by 2.18 percent, reaching QR1.138bn, compared to QR1.113bn in 2021. The earnings per share reached 0.292 riyals in 2022, compared to 0.286 riyals in the same period of the previous year.”

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