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Barwa Real estate to sell project to Qatari Diar for $2 bln

The deal is part of an agreement by Barwa to sell assets worth a $7.1 billion to Qatari Diar

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Qatar's struggling property developer Barwa Real Estate said on Wednesday that it was selling Barwa City project to the property arm of the country's sovereign wealth for 7.57 billion riyals ($2.08 billion).

The deal is part of an agreement by Barwa to sell assets worth a $7.1 billion to Qatari Diar, which was announced in June last year.

Barwa City project would be sold to Labregah Real Estate Company, a wholly-owned subsidiary of Qatari Diar, the developer said in a statement on Qatar's bourse.