QATARI property developer Barwa Real Estate is to develop its iconic Barwa Financial District (BFD) into a headquarters complex for Qatar Petroleum (QP).

Under an agreement, Barwa will develop the project and upon completion transfer ownership to QP, who will own and occupy the development.

The agreement was signed by Ghanim bin Saad Al Saad, chairman and managing director, Barwa Group, and Mohamad bin Saleh Al Sada, the Minister of Energy and Industry, and chairman and managing director of QP.

Barwa Financial District’s design is inspired by elements of the local Qatari culture and heritage, which is conceptualised to create a central hub and meet the needs for both local and international businesses in Doha with Grade-A office space, solid infrastructure, state-of-the-art technology, and parking facilities for more than 5,000 vehicles.

Ten towers in this district averaging 21 to 36 floors will occupy a prominent position in Doha’s West Bay. Crowning the Barwa Financial District is a 50-storey tower, which is well on its way to becoming a landmark on the city’s skyline. BFD will be among the first certified sustainably designed developments in the Middle East.

The deal will see Barwa Real Estate delivering a turnkey scheme for Qatar Petroleum, enabling QP to start operations with immediate effect from the first day of delivery.

Barwa anticipates the project will be completed under the existing construction and project management arrangements, and QP is expected to begin occupation of the development by 2014.

Meanwhile, Barwa Al Khor and Pearl GTL have signed a major leasing agreement for a residential compound at Urjuan, an ambitious housing project being developed by Barwa Al Khor in Qatar.

Barwa Al Khor is a joint venture between Barwa Real Estate and Kuwait’s Alimtiaz Investment.

The project will provide 300 apartments and 50 villas for Pearl GTL staff – highly trained and skilled operators, technicians and shift supervisors who are responsible for day-to-day operations at the world-class plant at Ras Laffan – when it is handed over on January 1, 2014.

Urjuan, a QR30-billion ($8.23 billion) waterfront development, is seen as an ideal location to accommodate oil and gas professionals, because of its proximity to Ras Laffan Industrial City, approximately 20 km north of Al Khor. Pearl GTL’s compound at Urjuan will house buildings that reflect distinct architectural elements. Feature landscaping at the entrance, security with CCTV and guardhouses, recreational facilities including swimming pools, sporting and entertainment facilities, outdoor sports areas, a clubhouse with a gym, squash courts and indoor games like badminton, volleyball, billiards and table football, playgrounds for children and tot lots for infants will be some of the facilities.

In another development, Barwa has awarded a QR11.7-million ($3.21 million) contract to US-based Aecom for a roads project at its Barwa City. The contract covers post-contract professional, general and site supervision and quantity surveying consultancy services for peripheral roads to the residential city, which is being developed in Mesaimeer.