Qatar Real Estate News
Barwa initiates completion of Barwa Masaken project
Barwa has begun delivering all outstanding payments which the now-defunct main contractor owed to sub-contractors, for completion of work on the Barwa Masaken project, the company said.
This initiative came when Panceltica, the main contractor for the project became insolvent, and the payments due to several sub-contractors were withheld.
Although Barwa had no obligation to these sub-contractors, the company believes that such a move is necessary for completion of the project in the best technical conditions.
According to the latest statement by the company, this initiative by Barwa to ensure that the outstanding dues of the local sub-contractors are resolved, indicates its commitment to the developer community, said Hitmi Ali Al Hitmi, Barwa Deputy Chairman.
Due to the detailed legal and financial procedures involved in the process, following termination of Panceltica, it has taken some time to ensure that the only sub-contractors who delivered work were compensated.
“We are delighted with the conclusion, as we wanted to support those committed to the Barwa Masaken project, so that they could continue their work with confidence,” Al Hitmi said.
Posted on 15/12/2009
Social Bookmarking
Read more news
> Villa rentals in Qatar expected to plummet further -29/7/2010
> Qatar government steps in to fund Barwa real estate projects -13/7/2010
> Qatar realty sector to receive major boost with FIFA meet announcement -13/7/2010
> Doha property sector still lacks banking support -6/7/2010
> Qatar property sector tries to match-up supply with demand -16/6/2010
> Tuscan Towers to be delivered to owners in weeks -7/6/2010
> QIB signs deal for financing Al Khor residential project -10/5/2010
> Qatar realty sector will outdo its regional counterparts -3/5/2010
> Qatar real estate sector likely to grow 7% in 2010 -12/4/2010
> Qatar property sector records setback in Q1 2010 -5/4/2010