Dar Al Eloum for Real Estate Development Company, a fully-owned subsidiary of Barwa Real Estate Group, has inked a financing deal with a local bank for QR641.4mn for the Qatar Schools – Package 1 project.
The term of the new financing is up to 22 years, Barwa said in its regulatory filing with the Qatar Stock Exchange.
Barwa Real Estate Group (through its subsidiary Dar Al Eloum for Real Estate Development) had signed an agreement with Ashghal in September 2020 to develop eight schools under the Qatar Schools public-private partnership (PPP) programme – Package 1.
This agreement would contribute to securing guaranteed rental income for the group that will help achieve sustainable growth for the group's revenues and the returns of its shareholders.
As per the agreement, Barwa Group will develop eight schools across Qatar, which is the first package within the Qatar schools programme.
Upon completion of development, the schools would be leased to the Ministry of Education and Higher Education. The maintenance services will be provided to the schools over a period of 25 years.
Each of the new schools will offer 30 classes, including allocated classes and facilities for the persons with special needs. Classes will accommodate 786 students according to the approved design model.
Moreover, the schools will have dedicated and equipped educational facilities, including labs of science, linguistics, IT, sports, arts, activities as well as libraries. Schools will also offer outdoor spaces, sports fields, car parks and service buildings.