Qatar's Barwa, the country's largest property developer by market value, said on Thursday it planned to set up five new companies, including a $137.4 million property management firm.
Barwa, which operates according to Islamic law, also plans to start a media services firm, a training and education firm, and a technology company, each with 2 million riyals of capital, it said in a statement on the Doha bourse website.
Barwa will also take a 30 per cent stake in a firm that will hold and manage real estate in Lusail, an energy city in Qatar, it said.
It did not say when Barwa Projects Management Co, Barwa Media Co, Barwa Knowledge Co, Barwa Technology Co and Barwa Lusail Ltd would begin operations.
Shares of Barwa Real Estate Co in which government-owned Qatari Diar Real Estate Investment Co owns 45 per cent, were up 3.79 per cent at 0803 GMT.
Qatar is the world's largest exporter of liquefied natural gas. Its economy expanded 12.5 per cent at current prices last year. (Reuters)
Qatar's Barwa plans five new firms