Barwa Receives an Appealable Order to Pay $31Million

Doha, April 18 (QNA) - Barwa Real Estate announced that it received a primary ruling from Dubai International Arbitration Centre requiring Barwa International Company, a company owned by Barwa Real Estate Group, and the Green City Company to pay $31 Million in favor of Dreamland Construction in Sudan, as a compensation for terminating the contract which was signed among the three parties dated back to year 2008 to enable the Green City Company to benefit from a land dedicated to Dreamland Construction. According to a statement posted on Qatar Exchange website, Gezira State in Sudan had ended this contract later on after Dreamland Construction had breached its terms. Due to which Dreamland Construction filed for lawsuit demanding a compensation for the damages resulted from termination of the contract. It is worth mentioning that this ruling has no effect on the financial position of Barwa Real Estate as the company s management preferred to be cautious by preparing the needed allocations for the ruling as part of its financial statement for the year 2011. The company is now in the process of taking all necessary actions to appeal against and annul the ruling by all legal methods possible, the statement added. (QNA)