Annual Report 2016

Home , Al Khor (city), Al Sailiya, Barwa Al Baraha, Dukhan, Mesaimeer

ANNUAL REPORT 2016

CONTENTS

3 - 8 BOARD OF DIRECTORS 9 - 10 BOARD OF DIRECTORS REPORT 11 SHARI’A SUPVERVISORY BOARD REPORT 13 - 14 MESSAGE FROM THE GROUP CHIEF EXECUTIVE OFFICER 15 - 16 FINANCIAL HIGHLIGHTS 17 - 18 COMPANY VISION AND STRATEGY 19 CORPORATE GOVERNANCE 21 BARWA REAL ESTATE GROUP 23 - 34 REAL ESTATE PROJECTS IN QATAR 35-36 AL AQARIA REAL ESTATE PROJECTS 37 - 38 INTERNATIONAL INVESTMENTS 39 INDEPENDENT SUBSIDIARIES 40 HELPING PEOPLE FIND THEIR DREAMS 41-42 COMMITMENT TO COMMUNITY 43 OUR EMPLOYEES 1

H.H. SHEIKH TAMIM BIN HAMAD AL THANI THE EMIR OF THE STATE OF QATAR 2

H.H. SHEIKH HAMAD BIN KHALIFA AL THANI THE FATHER EMIR 3

BOARD OF DIRECTORS

HIS EXCELLENCY MR. SALAH BIN GHANEM BIN NASSER AL ALI CHAIRMAN OF THE BOARD OF DIRECTORS

H.E. Mr. Salah Bin Ghanem Bin was appointed as a consultant in the Nasser Al Ali was appointed as Qatar’s office of the Heir Apparent till 2013. Minister of Sports and Culture on He was also appointed as the General January 27th, 2016 after more than Manager of the Sheikh Jasim Bin two years as Minister of Youth and Mahmoud Bin Thani Foundation Sports. His Excellency held a number for Social Care; a private institute of public positions such as Chief of for public interest established by the State Audit Bureau between His Highness The Father Emir 2006 and 2011, during which Sheikh Hamad Bin Khalifa Al H.E participated in developing a Thani. In 2012, H.E. participated in strategic plan for the Bureau aimed the launch of Al Rayyan TV with a at assisting in achieving sustainable mission to support the renaissance development for the Qatari society of Qatar, consolidate its national and to strengthen accountability. identity and take into account its His Excellency was designated sustainable development. H.E. to take on various public service participated in a lot of conferences responsibilities, such as Head of the and forums and provided many National Committee for Integrity lectures and presentations in the and Transparency between 2007 field of innovations. and 2011. He was also appointed H.E. Mr. Al Ali graduated from as Head of the State National Day US-based Pacific University in Celebrations Organizing Committee 1992 with a Bachelor of Science in in 2008 where he participated in Engineering Management. the formulation of the National Day vision that calls for promoting loyalty, solidarity and pride in the Qatari national identity. In 2011, he 4

MOHAMMED BIN ABDULAZIZ AL-SAAD VICE CHAIRMAN OF THE BOARD

Mr. Mohammed Bin Abdulaziz Al- largest local oil and gas contractor Saad started his career working in in Qatar, Chairman of Native Land leading roles in the public sector; Investment, an investment vehicle he led the investment program of for projects developed by Native Qatar’s largest publicly listed real Land – London based developer and estate company at the time-Qatar the Chairman of Agency Triple Two. Real Estate Investment Company (Al Aqaria). In late 2006, he took Mr. Al-Saad completed his over as CEO of The First Investor Bachelor’s degree in Architectural (TFI), the leading investment ﬁrm Eengineering from University in Qatar. His leadership brought of Colorado at Boulder and his Barwa Bank to be operational Executive Master’s degree in in 2009 and it kept impressively Business Administration (EMBA growing in both market share and from HEC Paris. proﬁtability as he became the Vice Chairman of the bank. Mr. Al Saad is currently the Executive Chairman of MAS Holdings and a Board Member of Qatar Fuel-WOQOD. He is also Chairman of QCON, the 5

BOARD OF DIRECTORS

SHEIKH KHALID BIN KHALIFA AL THANI BOARD MEMBER, REPRESENTING MILAHA COMPANY

Sheikh Khalid Bin Khalifa Al Thani was appointed as Chief Executive Officer of Qatargas Operating Company Limited in 2010. He is a member of the Board of Directors of Qatargas, Vice-Chairman & Chief Executive Officer of Laffan Refinery Company Limited. He is the Chairman of Gulf International Services & Vice Chairman of Milaha. He was recently appointed as Chairman of Qatari Diar. Sheikh Khalid Bin Khalifa holds a Master’s Degree in Business Administration (MBA) from Pacific Lutheran University, Tacoma, Washington, United States. 6

ISSA MOHAMMED AL MOHANNADI BOARD MEMBER

Mr. Issa Mohammed Al East Institute of Excellence in 2010. (DFI) and Qatar Airways. He was a Mohannadi occupied the role of member of the Board of trustees at Qatar Tourism Authority Chairman. Mr. Al Mohannadi occupies the Qatar Academy Al Khor-Qatar His project management and a number of distinguished Foundation. international business background posts within public and private served QTA well as it embarked on organizations in Qatar. Mr. Al Mohannadi holds a Bachelor’s rolling out the new Tourism Sector He is the founder and chairman Degree from Texas A&M University Strategy for the State of Qatar. of Qatar Green Building in Kingsville, Texas, as well as Prior to taking up the post of Qatar Council, which actively promotes specialized training certiﬁcates in Tourism Authority Chairman in May sustainability in the domestic project management from George 2012, H.E Mr. Al Mohannadi was construction industry as it works Washington University, Harvard the co- founder and Chief Executive towards formal membership in the Business School, INSEAD, and Ofﬁcer of Msheireb Properties. “World Green Building Council”. He Kellogg Business School. Mr. Al Mohannadi has received also held a variety numerous recognitions for his of front line leadership positions at contribution to Qatar’s rapidly Ras Laffan LNG Company- RasGas growing business community, Ltd. including the title of ‘Property Mr. Al Mohannadi is the Chairman Development CEO of the Year’ at of Qatar Racing and Equestrian the 7th Middle East CEO of the Year Club Board of Directors and board Awards organized by the Middle member of the Doha Film Institute 7

BOARD OF DIRECTORS

KHALID MOHAMED IBRAHIM AL SAYED BOARD MEMBER

Mr. Khalid Mohamed Ibrahim Al Sayed brings in a wealth of expertise in supply chain and projects management. Before his appointment as Group CEO of Qatari Diar, Mr. Al Sayed held a range of leadership positions in internationally recognized organizations based in Qatar and the United Arab Emirates. He signiﬁcantly contributed to Occidental Oil & Gas Corporation and Shell EP International Ltd. Mr. AL Sayed holds a Bachelor’s degree in Electrical Engineering from the United States of America. 8

MOHAMMED IBRAHIM NASSER ALI AL HAJRI AL SULAITI BOARD MEMBER, BOARD MEMBER REPRESENTING ALUDAID REAL ESTATE INVESTMENT Mr. Mohammed I b r a h i m Mr. Nasser Ali Al Hajri works as Al Sulaiti is a board member at the Financial and Administrative Al Meera Company and Beema Control Director in the ofﬁce of H.H. Insurance. Mr. Al Sulaiti was a the Father Emir. Mr. Al Hajri holds member of the Board of Directors a Master of Business Administration at Qatar Shipping Company, Barwa specialized in banking from the Bank, Halul Offshore Services and University of Finance and Banking First Leasing. He was also a member and is currently doing his PhD in of the Doha Stock Exchange Business Finance Management; Committee and a board member the ﬁeld in which Mr. Al Hajri has of Gulf Investments Group. Mr. prepared many research papers. Al Sulaiti was the deputy CEO of Finance and Investment Affairs at Qatar Navigation Company for more than 15 years till 2015.

Mr. Al Sulaiti received his Bachelor’s degree in Business Administration from the University of Roger Williams in 1988. 9

BOARD OF DIRECTORS’ REPORT

BOARD OF DIRECTORS’ and best use of many of them to 4.13, compared with QAR 3,056 ensure the increase of their returns, and an EPS of QAR 7.86 during REPORT ON THE such as Barwa Al Baraha project the year ended 31 December 2015. FINANCIAL YEAR and the Warehouses project in Knowing that, after excluding the Barwa Al Baraha. exceptional profit resulted from ENDING 31 DECEMBER the sale of a land plot in Mesaimeer 2016 AND THE t 4FMMJOH TPNF MPXSFWFOVF BTTFUT for QAR 2,702 million in 2015, the COMPANY’S FUTURE in return for significantly reducing net profit attributable to the equity the company’s debts that has holders of the parent company for PLANS FOR 2017 reflected positively on the financial the year 2015 amounted to QAR Dear Esteemed Shareholders, position of the Group. 354 million compared to QAR 1,605 million for 2016, an increase t *ODSFBTJOH DPPSEJOBUJPO XJUI of 353%. I have the pleasure to present to the State regarding its real estate you, on behalf of myself and the initiatives, clearly demonstrated On the operational level, the Group in Madinat Al Mawater project, has succeeded in increasing the members of the Board of Directors, Mustawdaat project and Al Khor net rental income worth QAR the Annual Report on Barwa Workers Complex. 48 million, an increase of 6% Real Estate Company’s activities, compared to 2015 and improving t 4USFOHUIFOJOH UIF BTTFU CBTF the net revenue from consultancy performance and Consolidated through the purchase of new assets and other services by 5%. On Financial Statement for the year with a rewardingly expected return the expenses side, the Group 2016, as well as the future plans for in order to achieve sustainable has decreased the general and the coming year. growth. administrative expenses by QAR 21.5 million equivalent to 8% t *OJUJBUJOH UIF DPOTUSVDUJPO PG compared to the fiscal year 2015 COMPANY’S many new projects in light of the and decreased the net finance cost new business plan, such as Dara A by QAR 7 million equivalent to PERFORMANCE AND – Lusail Area, Madinat Al Mawater 8%. Also, we had an increase in and Mustawdaat project. the equity attributable to the equity ACHIEVEMENTS holders of the parent company by t 'JOBMJ[JOH SFmOBODJOH PG BMM UIF QAR 658 million, reaching the During its term (2014-2016), the Group’s facilities with favorable balance of QAR 18,229 million as Board of Directors has taken upon terms for new periods, ranging of 31 December 2016. itself the task of a full restructure from five to nine years. of the Group to increase the return t&OSJDIJOHUIFBTTFUCBTFUISPVHI on shareholders’ equity and help t $PNQMFUJOH UIF EFWFMPQNFOU the purchase of a land plot in the prepare the Group to face the of many projects, including Al Kingdom of Saudi Arabia with a numerous challenges in the real Khor project–Housing Complex total area of 2.2 million square estate market. This restructuring of Shell Co. employees, AlKhor meters. also contributed in reinforcing the Workers Sports Complex and Group’s position and its financial Labor accommodation in Barwa Al t'VMMZPQFSBUJOH#BSXB"M#BSBIB indicators, in addition to increasing Baraha. Labor accommodation project with the shareholders’ sustainable a total of 64 buildings and a built revenues. We have succeeded in our t "QQSPWBM PG OFX PSHBOJ[BUJPOBM up area of 504,751 square meters. term as over the last three years we structure of Barwa Real Estate and were honored by our shareholders’ updating all relevant policies and t *OJUJBUJOH UIF DPOTUSVDUJPO PG confidence to accomplish some regulations. many projects, including Madinat achievements, including: Al Mawater, Mustawdaat project Some of the most important and Dara A- Lusail. t "QQSPWBM PG UIF ZFBS CVTJOFTT achievements during the year 2016 plan (2016-2020) which is specifically include: t &OIBODJOH UIF PQFSBUJPOBM considered to be the largest in the efficiency of the current operating history of the company in terms of t*OUFSNTPGmOBODJBMQFSGPSNBODF projects as the occupancy rate of numbers and value of the projects we have achieved a net profit most of the Group’s owned projects which will be developed. attributable to the equity holders exceeds 95% of the parent company of QAR t 3FTUVEZJOH BMM UIF QSPKFDUT 1,605 million and an EPS of QAR resulting in amending the design 10 GOVERNANCE, SOCIAL t*OJUJBUJOHUIFDPOTUSVDUJPOPGNBOZ local projects such as Lusail Project SYSTEMS AND RISK RESPONSIBILITY which will be developed on a land plot of 3.4 million square meters, MANAGEMENT Barwa Al Baraha Project and Barwa The secret behind achieving Village Extension, in addition to Barwa Real Estate emphasizes sustainable growth lies in developing many other projects waiting for the importance of promoting an integrated social structure. final approval. The details of each and spreading a culture of Barwa is always keen on being a of these projects will be announced openness and transparency in its major contributor to the society’s closer to their time. commercial and administrative development through creating transactions through ensuring the an architectural philosophy that t 8PSLJOH PO BDRVJSJOH BMM UIF highest levels of compliance with goes beyond the simple principles necessary licenses to initiate the Corporate Governance Code of of construction and aims to find development of the land plot owned Listed Companies, as regulated by creative residential solutions that by the Group in the Kingdom of Qatar Financial Markets Authority. serve the different social categories, Saudi Arabia that was purchased in Barwa Real Estate Group considers especially medium-income ones the year 2016 which has a total area corporate governance one of the in order to combat the rising of 2.2 million square meters. main pillars that form the guiding rents of housing units. We are framework of its operational, also working in close cooperation t$POUJOVJOHPVSFGGPSUTUPJNQSPWF administrative activities and with the Government of Qatar, to the performance efficiency of the dealings with all stakeholders. implement a number of initiatives Group’s subsidiary companies. Based on that, The Board of Directors, that contribute to achieving through delegating the authority to development and entrenching the Furthermore, the Group will the executive management, seeks to concept of citizenship. continue to analyze available accelerate commercial operations, As for raising preventive awareness investment opportunities in light eliminate complications and ensure about safety and security of our Business Plan in order to the highest levels of operational requirements, we pursue our efforts achieve sustainable growth and efficiency which will have a positive to raise security and safety levels in ensure profitable revenues for our impact on the company’s projects all our projects to ensure the safety shareholders. and serves the interest of the of our employees and clients. Barwa shareholders. is also cooperating with the General Moreover, the risk management Directorate of Civil Defense in the APPRECIATION policy plays a crucial role in creating Ministry of Interior to sponsor the suitable work frames in order to “Safe House” initiative, which holds Finally, we would like to express our manage projects and investments in educational and training programs deepest appreciation and gratitude an effective way, while controlling for the community. to the wise leadership of H.H Sheikh operational, economical and Tamim Bin Hamad Al Thani, the relevant legal risks. This, in addition to our continuous Emir of the State of Qatar, His contribution to the Social and Excellency Sheikh Abdullah Bin Sports Activities Support Fund as Nasser Khalifa Al Thani, Prime well as our continuous support Minister and Minister of Interior. HUMAN CAPITAL for the families in need and the We also extend our gratitude to elderly, and our aid to our brothers the company’s shareholders and In order to achieve our Group’s in troubled war zones. The total employees, for their continuous strategic objectives and in light of our contributions reached support to achieve our goals which of our contribution in achieving approximately QAR 50 million for serve the interest of the country and Qatar 2030 vision regarding the the year 2016. its citizens. development of human capital, we at Barwa always focus on the development of our human capital. OUR FUTURE Through cooperation with the SALAH BIN GHANEM executive management; mainly PLAN 2017 BIN NASSER AL ALI consisting of highly qualified Qatari personnel, we develop In light of our five year Business CHAIRMAN OF THE and implement various training Plan (2016-2020), the Group’s goals schemes to enhance the necessary for 2017 are as follow: BOARD OF DIRECTORS staff expertise to achieve the sought after development and efficiencies, t $PNQMFUJOH UIF DPOTUSVDUJPO BOE and we also work to strengthen the commencing operation of several team with new elements from both projects, mainly: Mustawdaat experienced and recent graduates Project and phase one of Madinat Al to secure a continued source Mawater. of able personnel ready to take responsibility. 11

SHARI’A SUPERVISORY BOARD REPORT

IN THE NAME OF GOD 2. The proﬁt distribution and loss bearing THE MERCIFUL on the investment accounts, complies with the basis approved by us in accordance with FATWA AND SHARIA the provisions and principles of Islamic COMPLIANCE AUTHORITY Sharia. REPORT REGARDING 3. The Charity computation (Zakat) was BARWA REAL ESTATE CO. in accordance with the provisions and Alhamdulillah and Peace be upon principles of Islamic Sharia. His prophet Mohammed, his family, companions and followers. We seize this opportunity to express our gratitude and appreciation to the We at the Fatwa and Sharia Supervisory company’s management for its positive Authority of Barwa Real Estate Company, response and cooperation with the have checked the applied principles and Authority, and to all the shareholders the transactions related to contracts, as and dealers with Barwa, asking God to well as the applications which the company bless their efforts for serving the Islamic had implemented during the year ended economy and developing our Country in a 31 December 2016, and carried out the manner that achieves welfare to all. required check for giving our opinion about whether the company has complied Alsalamu Alaykom wa Rahmat Allah with the provisions and principles of the wa Brakatu. Islamic Sharia and the fatwas, decisions and speciﬁc directives previously issued from our part.

The Authority through its executive member has carried out the check which DR. OSAMA QAIS included inspecting the documentation and the adopted procedures, on the basis AL DEREAI of examining each kind of the transactions, EXECUTIVE MEMBER OF and in our opinion: SHARIA SUPERVISORY BOARD OF BARWA REAL ESTATE 1. The contracts, transactions and dealings which the company concluded during the year ended 31 December 2016, which we have perused were accomplished in accordance with the provisions of the Islamic Sharia. 12 13

MESSAGE FROM THE GROUP CHIEF EXECUTIVE OFFICER

market requirements, to start one of Madinat Al Mawater, the construction process at the Mustawdaat project and Dara A earliest. in Lusail. Work on these projects is going on as per plan and t&OIBODJOHPQFSBUJPOBMefficiency marketing campaigns will start for the current operating projects. soon. The five-year ambitious Business t "NFOEJOH UIF NBTUFS QMBO PG plan (2016 – 2020) is the main Barwa Village extension which pillar on which we work towards resulted in an increase in the built building a strong and competitive up area by 43%. economic entity to be at the t"QQSPWBMPGUIFNBTUFSQMBOGPS forefront of real estate developers each of Barwa Al Doha project, in Qatar, and the region. Also, we Dara B-F – Lusail area project target to have the ability to cope and Al Khor Recreation extension Dear esteemed Shareholders, with volatility in the market, as project, in addition to Marrakesh well as to contribute in achieving land in Morocco. Details of those The financial year 2016 has the sustainable development of projects will be announced at witnessed many challenges our beloved country. the time of awarding the related and difficulties in the local and We have had many important construction contracts. international real estate markets, achievements during the fiscal however with the directions of our year 2016, including, for example, t&OIBODJOHPQFSBUJPOBMefficiency Board of Directors chaired by H.E. but not limited to: of the current projects as Barwa Mr. Salah Bin Ghanem Al Ali and currently owns a number of t$PNQMFUJPOBOEPQFSBUJPOPGUIF in light of Barwa’s clear mission operating asset projects in Al Sadd, two phases of Barwa Al Baraha- of fulfilling its shareholders’ Al Wakrah, West Bay, Mesaimeer, labor accommodation project with ambitions of increasing the Al Sailiya, Al Khor, Messaieed, a built up area of 504,751 square company’s equity and the return Dukhan and Old Salata. These meters (64 buildings), including as well as achieving sustainable projects have different purposes as restaurants and commercial growth, we have exerted our efforts they include 6391 residential units, shops. to overcome those difficulties and 44,307 square meters of office pursue Barwa’s developmental t$PNQMFUJOHUIFEFWFMPQNFOUPG spaces, 150,940 square meters of path through working on the Al Khor- Housing Complex for commercial spaces and also a total following main streams: Shell Co. employees with a built up of 12,021 workers accommodation t 4VQQPSUJOH UIF EFWFMPQNFOU area of 87,557 square meters and rooms. Most of these projects have processes of the current projects. it is expected to start operation in occupancy rates exceeding 90%. the first quarter of 2017. t $PNQMFUJOH UIF NBTUFS QMBO t &OSJDIJOH UIF (SPVQT BTTFUT through the purchase of a land and concept design of the t *OJUJBUJOH UIF DPOTUSVDUJPO PG plot in the Kingdom of Saudi other projects, in line with the many projects, including phase Arabia with a total area of 2.2 14 million square meters. Therefore, the Group has vacant land plots with a total area of 5,001,464 square meters within the State of Qatar, in addition to 2,430,525 square meters outside the State of Qatar. t $PNQMFUJPO PG UIF SFmOBODJOH PG all Group’s facilities with favorable terms and new maturities of up to 9 years. This will support the financial position of the Group and enable us to utilize our cash flow in developing new projects and acquiring new investment opportunities. t .BJOUBJOJOH B TUSPOH mOBODJBM position that supports Barwa’s operations and reduces risks of fluctuation in the financing cost.

The continuous support and precious confidence of our esteemed shareholders will always motivate us to exert all efforts needed to achieve our ambitious goals and face any challenges and difficulties to be able to fulfill our obligations towards you and the esteemed Board of Directors that spares no effort to serve the interest of the Company and its shareholders.

All shareholders and employees of the Group realize the responsible role of Barwa Real Estate as one of the pillars of development in the State of Qatar. We all have the honor to bear this responsibility that we will be able to fulﬁll through the unlimited and continuous support from H.H. Sheikh Tamim bin Hamad Al-Thani, the Emir - God protect him, and also the support of H.E. Sheikh Abdullah bin Nasser bin Khalifa Al Thani, the Prime Minister and the Minister of Interior.

SALMAN BIN MOHAMMED AL MOHANNADI GROUP CHIEF EXECUTIVE OFFICER 15

FINANCIAL HIGHLIGHTS

RETURN ON EQUITY

18.79% 17.13% 18.34% 15.92% 12.01% 10.35% 9.31%

8.36% 8.97%

2008 2009 2010 2011 2012 2013 2014 2015 2016

EARNINGS PER SHARE (QAR)

7.86 7.14

4.13 4.04 3.64 3.53

2.92 2.92

1.46

2008 2009 2010 2011 2012 2013 2014 2015 2016 16

NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT (QAR MILLION)

3,056 2,778

1,605

1,406 1,416 1,375 1,137

766 310

2008 2009 2010 2011 2012 2013 2014 2015 2016

TOTAL ASSETS (QAR MILLION)

74,213

66,210

50,206 47,129 34,893 29,203 28,969 28,436 24,317

2008 2009 2010 2011 2012 2013 2014 2015 2016 17

COMPANY VISION AND STRATEGY

VISION To be a reliable real estate company recognized for its strong values, excellence and sustainable returns to its stakeholders. VALUES

Entrepreneurship, commitment, reliability, teamwork and integrity.

MISSION

To create better places in an efﬁcient manner for people to live, work and enjoy 18

STRATEGIC DIRECTION

Barwa’s fundamental strategic Barwa will make balanced direction is to be a real estate income yielding investments development and investment in both its core real estate holding company and synergistic businesses with above market return on investment

The Segmented Business Model is organized around the following elements:

CORE BUSINESS Real Estate Development,Investments and Operations (Value Creation): We will establish the Barwa way of planning and delivering projects and will replicate the model to the expanded and emerging portfolio.

SYNERGISTIC BUSINESSES Subsidiaries (Controlling stake) Private Equity (Diversiﬁes and enhances revenue stream) t Well-balanced portfolio t Supporting proﬁtability and sustainable growth. t Enhance credibility and strengthen the brand geographically

EFFECTIVE GOVERNANCE (Proper Control & Risk Management) : Investment management best practices and performance management that sustain the value proposition 19

CORPORATE GOVERNANCE

Barwa Real Estate emphasizes Governance Code issued by This update came in close coherence the importance of promoting and QFMA. From this perspective, with the requirements and Board spreading a culture of openness Barwa has ensured the update of committee formation guidelines of and transparency in its commercial its governance code in a manner the QFMA Corporate Governance and administrative transactions that supports achieving its vision Code. The updates resulted in the that support its continuous effort and principles and facilitates the merger of the Nomination and to protect shareholder rights, day-to-day activities in a more Remuneration Committees and and direct its business activities efficient and lenient manner, combining their duties, while and administration in line with with the minimum cost and time keeping the Audit and Executive international best practices and impact. All this was achieved while Committees unchanged. The merger applicable regulatory frameworks. maintaining transparency and triggered the update of the Terms This is achieved through ensuring ensuring protection of stakeholders of Reference of the committees the highest levels of compliance and minority shareholders. in line with the guidelines and with Corporate Governance Code of recommendations of QFMA CG Listed Companies, as regulated by The Barwa Governance Code covers Code, and international best Qatar Financial Markets Authority. the basics of Governance, Board practices. and Board Committees’ duties From this standpoint, Barwa Real and responsibilities, Management The Executive Management Estate Group considers corporate Committees’ and their Terms of at Barwa presents its reports governance as one of the main pillars Reference, in addition to the internal periodically to the Board to update that form the guiding framework of controls of the Company, insider them on the company’s progress its operational and administrative trading policies, policies related to towards achieving organizational activities and dealings with all conflict of interest and shareholder goals and the financial position of stakeholders, where it emphasizes protection. the Company amongst other updates the importance of implementing of importance and value. This effective governance, supported At Barwa, the Board is the main reporting supports the transparency by the principles of transparency, decision-making forum for the and openness culture of Barwa honesty, accountability, and internal company and is accountable to towards keeping Shareholders and controls, which enables the Group to shareholders for the strategic, Board continuously informed. continually improve its governance financial and operational and management practices. performance. To enable the Board Additionally, Barwa has also to carry out its objectives, it has empowered the role of the During the year 2016, Barwa established and delegated authority Compliance and Governance has introduced an update to its to the Board committees as set function within the Group Legal and Corporate Governance Code to out in the governance framework Compliance department in order to align it with the latest QFMA and has developed relevant ensure compliance with applicable governance requirements, and terms of reference to facilitate regulatory requirements and laws reflect the international best its responsibilities and duties for in the State of Qatar, in addition to practices in this regard. This change the best interest of the Board, the developing and updating all charters falls as part of the update initiative company and the shareholders. and applicable policies. undertaken by Barwa on its Articles of Association, and on the In this regard, Barwa has introduced Finally, Barwa is proud of the level Memorandums of Association of its during 2016 several amendments on and niche of Governance it has subsidiaries, as per the requirements its Board Committees in an effort to attained so far, and will continually of the new Commercial Companies improve the operational efficiency, work towards reaching higher levels Law no.11 of the year 2015, which facilitate the flow of transactions, to promote better transparency and included provisions related to the increase decision-making time distinctiveness. management of listed companies and reduce administrative and in accordance with the provisions operational expenses, which reflects and requirements of the Corporate positively on shareholder results. 20 21

BARWA REAL ESTATE GROUP

Barwa Group has been at the forefront of the The group’s portfolio includes some of Qatar’s Real Estate development and investments in preeminent projects, businesses and entities. It Qatar since its establishment in 2005. The has built an enviable track record of completing Group’s vision is to become a reliable real large scale projects in Qatar such as Barwa Al estate company recognized for its strong Sadd, Barwa Al Baraha and Barwa Village. It values, excellence and sustainable returns pursues its uniqueness through completing to its stakeholders. Barwa’s real estate its projects to the highest standards. While its portfolio consists of developments as well as main activities are Qatar-focused, investments income-generating real estate investments. and operations extend regionally and The Group has also synergistic investments internationally. Barwa is currently the largest focused on supporting proﬁtability and publicly listed real estate company in Qatar in sustainable growth to the core real estate terms of real estate developments. business including infrastructure companies. 22 23

BARWA AL SADD

Barwa Al Sadd is a mixed use The development also includes a 5 storey car park building; development covering an area of three apartment buildings with a accommodating 1,702 cars and a 27,654 square meters. The project total of 261 flats; 129 of which are 2 utility building. comprises of 3 office towers (two bedrooms and 132 are 3 bedrooms. of 21 floors and one of 18) and a It incorporates a lower ground floor All housing units and two of the hotel with 232 rooms and suites. and 11 upper floors (G+10) that three office towers have now been All are surrounded by a three level provide a total of 87 flats per block, leased. Barwa Real Estate “head podium; two levels for retail and a 3 storey recreational building, 2 office” is placed in Tower 1 of this one for office spaces. basement levels, project. 24 25

MASAKEN MESAIMEER AND MASAKEN AL SAILIYA

Masaken Mesaimeer and Masaken Al Sailiya are designed to provide high quality affordable community housing. Built on two separate sites, which together comprise a total area of 400,000 square meters, the two developments consist of 62 residential buildings, offering 1,984 two and three bedroom residential units. The developments also feature playgrounds, health clubs, swimming pools, nurseries, a supermarket and green areas. 26

BARWA AL KHOR PROJECT- HOUSING COMPLEX OF SHELL CO. EMPLOYEES

This residential project extends over 138,000 square meters. It consists of 50 villas and 300 apartments. It also features a clubhouse, a child daycare, a supermarket and a mosque. The project was completed in the third quarter of 2016 and is being handed to Shell Company. 27

BARWA VILLAGE

Located in Al Wakra, Barwa Project facilities feature a health meters with residential units, retail Village is mixed-use development club, an international school, a shops in addition to a hypermarket. that reﬂects Barwa’s commitment nursery, a medical clinic, a shopping The overall expansion will offer a towards communities living outside center, a market, a mosque, total of 71 shops and 177 different Doha. restaurants, car parking facilities sized residential units. Barwa and a range of green spaces. has awarded the project to the Spreading over 400,000 square Once fully completed in 2010, contractor and it is expected to be meters with a built-up area of the Barwa Village project soon completed in the last quarter of 186,000 square meters, Barwa achieved high occupancy rates. For 2018. Village consists of 18 commercial that reason, the Group is working and residential complexes that on expanding the project through offer 918 retail units, 96 studio the development of an additional apartments, 262 one-bedroom building stretching on a land plot apartments and 100 two-bedroom of 19,433 square meters. The total apartments. built up area will be 34,492 square 28

BARWA AL BARAHA

Extending over 1.8 million square area adjacent to the workers modern workshops on a built up meters in the Industrial Area, accommodation project which area of 191,340 square meters. It is Barwa Al Baraha is a development was formerly called “Truck Parking”. expected to complete this phase in project aimed at serving the labor Barwa has obtained all the required the beginning of 2018. sector in Qatar. It has been divided certiﬁcates to develop it into an into three phases: essential project, providing storage Phase three: this phase is under Phase one: consists of 64 spaces for small and medium design and it is expected to complete premises for the of 50000 laborers companies as well as workshops all phases of the project in the third and technicians, together with to meet the needs of craftsmen quarter of 2019. restaurants and retail shops. This in the Industrial Area Spreading phase has been fully completed and over an area of approx. 620,000 is currentlyoperational. square meters, the project is being Phase two: includes the designed to offer 573 stores and 135 29

AL KHOR WORKERS SPORTS COMPLEX

The recreation facility in Al Khor by several government and private center, 512 one bedroom and two Industrial Area aims to improve corporations like the Ministry of bedroom apartments, in addition the quality of life of the workers Interior which Barwa collaborated to a hypermarket with a total area through providing integrated with to organize yearly programs of 7509 sqm and a 300 sqm multi- leisure and sports facilities. It for workers. Covering all national purpose hall. It is expected to be features four cricket ﬁelds, four and sports events in Qatar, the completed in the fourth quarter of football pitches, three volleyball number of visitors of the program 2018. courts, four basketball courts and has exceeded 500,000 during 2016. four kabaddi ﬁelds. It also includes Due to the project’s success in a supermarket, 35 shops, 2 open- meeting the needs of the labor air cinemas, a mosque, a plaza area sector, the Group is currently and other facilities. The complex working on expanding it through hosts numerous events and sports adding a new phase, which upon activities and it has been utilized completion, will offer a shopping 30

BARWA AL DOHA COMPLEX

The project is located in Al Doha Extending over an area of 8000 Al-Jadeeda on A-Ring Road; three square meters on the ground floor, minutes’ driving from the heart the commercial part of the project of Doha. It will be developed on a will include a number of shops, total area of 51,000 square meters. restaurants and public facilities. Designed to be one of a kind project Once completed, the residential in Qatar, the project consists of two part of the project will comprise of parts: one residential and the other 11 floors containing one, two and commercial and each has its own three bedroom apartments, entrance to avoid traffic congestion in addition to underground car and ensure privacy for residents parking. It is expected to complete who will enjoy a safe family the project during the first quarter environment in the central greenery of 2020. interior spaces of the complex. 31

DARA

The project, located in the northern meters and one-level car parking It is expected to offer 1,710 part of Fox Hills zone in Lusail city, with a total area of 13,513 square of different sized residential is being developed to become the meters. Construction work began in apartments with underground car biggest residential complex on a September 2016 and it is expected parking. The project will also feature total plot area of 147,000 square to be completed in the ﬁrst quarter restaurants, commercial shops, meters. It has been divided into two of 2018. green areas and recreational facilities phases: for both residents and visitors. It is Phase two: Dara B-F Project: It has expected to be completed in the last Phase one: Dara A Project: On a been divided into ﬁve segments (B, quarter of 2020. total area of 16,415 square meters, C, D, E, &F). Spanning over a total the project which is currently under land area of 130,520 square meters, construction comprises of four the project will comprise of mixed residential 5 storey buildings of 271 use developments with a total built varying size units with a total built up area of 439,879 square meters. up area of approx. 41,112 square 32

MADINAT AL MAWATER

Madinat Al Mawater will be the Department and Civil Defense, Phase one of the project is under main destination for all car- related banks, car insurance companies construction and includes 60 used- services, including sale, purchase as well as a petrol station and car car showrooms, 176 different sized and maintenance of used-cars. technical testing service. Madinat apartments, shops, workshops and a Located in Rawdat Rashid near Al Mawater comes as one of Barwa petrol station, in addition to all the Salwa road intersection, the project Group’s projects aiming to serve infrastructure work of the project. extends over a land area of 1,150,000 both community and economy It is expected to be completed in the square meters. Once completed, it of the state of Qatar. Barwa Real third quarter of 2017. will provide used car showrooms, Estate will develop the project over residential accommodations, the duration of four years to benefit workshops, in addition to a hotel, from it through the BOT system a motel and retail shops. It will (Build- Operate-Transfer) for 30 also offer essential facilities and years. services such as offices for the Traffic 33

LUSAIL PROJECT

Located in the northern part of Lusail city, the project spans over 3,475,863 square meters. It is being designed to become one of the most important integrated and vibrant residential projects in Qatar. The innovative design of the project will combine both contemporary and traditional architectural features, while taking into account a balanced distribution of its buildings. The project will be home to all different sized villas, including three, four and ﬁve bedrooms, in addition to one, two and three bedroom apartments. Once completed, it will also offer a number of commercial buildings, retail shops as well as communal facilities, a hotel, schools, a mosque and different sized areas of greenery. 34

MUSTAWDAAT PROJECT

Barwa Real Estate has been of workers employed in it with a total Furthermore, it will include CCTV successfully awarded the tender plot area of 7655 sqm, in addition to surveillance, pump rooms, security for the development of low-cost 532 sqm of ofﬁces and a total of 38 rooms and a surrounding fence. The warehousing proposal in Umm retail shops on a plot area of 1,676 total built-up area of the project Shahrain on a total plot area of sqm and a 700 sqm mosque. will be 273,311 sqm.The project is 259,446 square meters. Upon expected to be completed in the completion, the project will The construction will also include second quarter of 2017. provide131,671 sqm of dry storage the infrastructure of the project areas, 62,812 sqm of air-conditioned consisting of 13 sub- power stations, storage areas, 36,992 sqm of chilled internal connecting roads, loading storages areas, 19,028 sqm of and unloading areas, networks freezer storages. The project also for potable water, ﬁre systems, includes constructing a residential irrigation, rain, and sewage and compound for the accommodation their respective tanks. 35

AL AQARIA REAL ESTATE PROJECTS

Al Aqaria is the largest subsidiary room, meeting room, Gym, games overlooking the main street, the that is fully owned by Barwa and entertainment room, as project spreads over an area of Real Estate Group. Focusing on well as restaurant, supermarket, 45,000 square meters and comprises developing residential projects in laundry services, limousine service, of 3 blocks (G+M+3 floors), industrial areas of Qatar, the most ATM service, business center and a including: 96 shops, 70 office units, prominent projects of Al Aqaria beauty center and more amenities 138 flats, in addition to car parking include: and services. that accommodates up to 657 cars for both tenants and customers. AL AQARIA TOWER AL AQARIA PROJECTS Meanwhile, the Company is IN MESAIEED currently developing the main Established in 2008, the recreational club building of administrative tower which Al Aqaria has diversified real estate Mesaieed Business& Recreation accommodates the Company’s projects in Mesaieed. The company Complex as the scope of work headquarters, is located in Museum has completed the development of includes construction, completion Street in Old Salata Area. It is six labor accommodation villages and maintenance of the building composed of a ground floor, a on six phases. Altogether, the total with all associated amenity facilities mezzanine and 14 floors, including accommodation units of the villages and infrastructure work. furnished and unfurnished are 2072 laborer units, 1165 juniors, administrative offices with multiple and 371 seniors, in addition to 3 VIP The main building contains rental sizes. The building also senior rooms. Each village features a multipurpose hall, Banquet, provides different services such as number of services and recreational conference and indoor sports 24 hour security and maintenance amenities, including Mess Halls, halls, in addition to gymnasium, services. supermarkets, playgrounds, VIP lounge, indoor sports courts, recreational halls and a mosque. ASAS TWIN TOWERS indoor swimming pool, indoor steam and sauna, main kitchen Moreover, Al Aqaria started to and restaurants with other amenity Located in Embassies Street in West operate Dunes Mall in 2002 after facilities. External works include an Bay, the residential towers were completing its development. outdoor swimming pool, outdoor established in 2004. The towers, Located in the heart of Mesaieed tennis court and parking (covered directly overlooking the sea, are near the big Mosque, the mall is and exposed), as well as landscaping composed of fully furnished family composed of 48 multiple service works. apartments, containing 2,3,4 and shops such as banks, hypermarket, 5 bedrooms. They also provide etc. various services, including central In the beginning of 2014, Al Aqaria air conditioners, free Internet completed the development of Souq access, cleaning services, swimming Mesaieed. Located in the heart of the pool, Jacuzzi, steam industrial city with all its premises 36

DUKHAN CITY AL KHOR PROJECTS PROJECTS Al Aqaria is currently developing Al Aqaria has different projects in two projects in Al Khor, including Dukhan city that include Al Khor Housing project Package Al aqaria Labor Village Zekreet [09] Zone 2 & Zone 4 that is which was completed in 2009 and comprised of 110 Villas clubbed into has 200 labor units and 48 junior 55 buildings, and a Friday Mosque. units. In 2010, the company has The other project that Al Aqaria is completed Al aqaria Garden – developing in Al Khor is Housing Dukhan that consists of 24 flats. project Package [08] Zone 12, In 2008, it completed the which includes six buildings of 72 development of Souq Dukhan that flats on 3 floors. External works of includes 48 commercial shops, the project comprise of hard and offering diversified services, as well soft landscaping, in addition to as Souq Zekreet which is close to plumbing and electrical installation. Dukhan Highway, which includes 30 flats and 39 different sized shops. RAS LAFFAN PROJECTS Al Aqaria is currently developing a number of projects in Dukhan The labor accommodation in West city, including Dukhan Housing Side Relic is one of the projects –Packages (1,2,3) and Dukhan aiming at supporting the industrial Community Center that consists of areas in Qatar. The project comprises a Bowling Alley, Electronics Game of 4 labor accommodation blocks, Area, Indoor Sports Area, Multi- consisting of two floors, in addition purpose Lounge, Coffee Shop, to the ground floor. Al Aqaria is also Community Library, Function developing 4 other accommodation Hall, Management Offices, Storage blocks for Senior and Junior Staff, a Areas and Maintenance Areas with two-storey building for dining halls, associated infrastructure and with a mosque and a commercial block. an overall plot area of 9,633 square meters. 37

INTERNATIONAL INVESTMENTS

SHAZA HOTELS NUZUL HOLDINGS RIYADH LAND PLOT– INVESTMENT KINGDOM OF SAUDI COMPANY Nuzul Holdings focuses on the ARABIA “serviced apartments” concept S haza Hotels In v e s t m e n t within the hospitality sector. The Located in Al Janadriyah District Company (SHIC) was established group currently owns 118 unit in the Saudi capital city of Riyadh, in 2006 to invest in the leisure Somerset Juffair serviced residencies the vacant land plot extends over an and hospitality sector, and in in Manama, Bahrain. The company area of 2,216,060 square meters. particular a niche Sharia Compliant also owns the top 6 floors of Al Jewar The Master Plan of the land hotel brand focused on the MENA Tower in Makkah, KSA. includes constructing an region. Currently, Shaza owns a Nuzul has signed a 10-year integrated residential and number of assets in KSA, Bahrain management contract for the commercial neighborhood. The and Morocco. In partnership with properties with Singapore-based purchase of the land plot came in line Kempiniski Hotels and Resorts, Ascott International. with the plan to explore the potential the company has embarked on investment opportunities of the the development of a portfolio of ASTRAKHAN RETAIL real estate market at Kingdom of hotels across Europe, Middle East PARK-RUSSIA Saudi Arabia that suppor ts and North Africa regions under the the Company’s land bank. “Shaza Hotels” brand. The project is a 50-50% partnership Shaza is being unique amongst deal between Barwa Real Estate hotel brands as it is designed LARNACA LAND – and Bauninvest Company in Russia, specifically with the preferences spreading over a land area of 150,000 CYPRUS and characteristics of intra-regional square meters in Astrakhan city. The travelers in mind. The land plot of 54,670 square project includes retail shops and a meters is located in Larnaca Bay, number of restaurants with a built- southern Cyprus in the heart of the NORTH ROW up area of 95,096 square meters. PROPERTY– LONDON island’s touristic quarter near the city of Larnaca. The land is expected North Row property is located in to be a tourist village with various the prestigious Mayfair Area of sizes of housing sold as vacation London’s West End, near Oxford homes for international buyers. Street. It was redeveloped and thoroughly refurbished in 2013 into high quality offices on an area totaling 24,017 square feet. 38

OTTOMAN PROJECT CAVENDISH SQUARE PROPERTY– LONDON The Ottoman project is built on a 13,500 square meter plot of land. Phase 1 consists of 287 luxury residential apartments in Boasting a sought-after location overlooking Istanbul’s Zeyetenburnu area in Turkey, of which the majority Cavendish Square, this building dates back to the have been sold. Additionally, the project includes a hotel with forties of the 18th century. It extends over 11,258 133 keys and retail space. Phase 2 includes a new building square feet equivalent to six ﬂoors of premium with 62 luxury residential apartments that have retail shops serviced ofﬁce space. at the ground level. 39

INDEPENDENT SUBSIDIARIES

QATAR REAL ESTATE QPM WASEEF INVESTMENT Established in 2008, Qatar Waseef is a subsidiary of Barwa COMPANY(AL AQARIA) Project Management (QPM) is Real Estate Group and is one of one of the region’s premier project the largest fully integrated asset, Established in 1995, Al aqaria is the management companies and the property and facility management group’s largest subsidiary focusing first Qatari firm in the field. QPM service companies in Qatar. With a on developing residential projects provides world-class real estate and mission to extend its management in industrial areas of Qatar such infrastructure project management services in Qatar and internationally, as Dukhan, Mesaieed and Al Khor. services with a focus on ensuring Waseef has emerged as a leading Al aqaria built a major presence project efficiency. The company is property and facility management in Qatar and is now working on well positioned to provide services services company that is able to offer around QR. 300 million worth of for civil infrastructure, commercial, high quality services for each stage projects under construction and leisure, real estate, and residential of a property’s life cycle. Services QR. 2.8 billion worth of projects in projects within the growing global include asset, property and facility the pipeline. marketplace. QPM’s international management for a number of iconic and local expertise is grounded in Barwa projects. a full range of professional project management services including project management, design management and construction management. QPM is currently managing a number of mega projects in Qatar and international markets. 40

HELPING PEOPLE FIND THEIR DREAMS

At Barwa, we help people fulfill their potential customers and utilises all and firefighting system, real estate dreams. We work hard to provided channels to communicate maintenance, security, and ensure our customers are receiving with them whether through residential unit cleaning. the special services and care they promotional campaigns, briefings, O u r c u s t o m e r s e n j o y deserve throughout the entire site visits or electronically through significant 24/7 Call Centre process of renting a house, and even online and new media campaigns operations to address after they have moved in. Through and enquiry platforms. Leasing emergency, urgent, and our property management service and maintenance solutions routine requests. The Call Centre provider, Waseef, we offer integrated are planned and conducted to is a key resource run by Waseef, real estate services covering increase efficiencies and maintain working to connect customers to a wide spectrum of property quality living to our tenants. Other the appropriate services for any management,facilities services are provided such as facility in an efficient manner. management, leasing and sales landscaping, pest control, cleaning, services all under one roof. A one- elevator maintenance, fire alarm, stop-shop which identifies fire detection 41

COMMITMENT TO COMMUNITY

We at Barwa are well aware of Moreover, Barwa Real Estate is very significant to the group. how important the role of national always keen on launching social Waseef, one of Barwa’s Subsidiaries companies in building integrated initiatives that serve the sector of that handles property management, communities that helps in workers. One of the prominent is keen on implementing safety achieving sustainable development. initiative in that field is organizing and security measures set by the Therefore, the most ambitious an yearly program in collaboration government in order to ensure safe projects undertaken by Barwa are with the Interior Ministry. Started living environment for the tenants. being executed with a philosophy mid-2016, the project includes Barwa developments are provided beyond the real estate investment weekly sports and enterainment within 24/7 security officers and concepts that aims at bringing people events in Al Khor Workers Complex CCTV cameras for extra surveillance together. Barwa is always keen to be which is another project Barwa of the properties. A firefighting amongst those who are taking the has developed for the workers. Big system is in place in all projects lead in developing the society and numbers of workers participate in which is maintained throughout the dealing with its pressing issues. these weekly events, in addition to year. the events held in the International Labors Day and national and Moreover, Barwa has signed an WORKERS’ WELFARE religious celebrations. The total agreement with the Civil Defense number of visitors exceeded Department more than three years 500,000 during 2016. ago to support their safety and Barwa pays great attention to security program “The Safe House”. creating a solid society with its Aiming at raising awareness of the different social categories living public on safety and prevention in harmony by shrinking the SAFETY & SECURITY requirements, the program provides social differences and raising the a media awareness car equipped standards of living for those with Increasing foreign investments with screens, educational movies limited income. Based on that, coming to Qatar directs the state not and specialized library to target the group implements its strategy only to create the right conditions the public crowds during national through targeting different social for industry, but to ensure the safety celebrations and provide them with categories with services that address of those working there as well. the necessary safety training. their needs. Hence, it is utilizing Barwa long excelled in providing its capabilities to focus on projects the highest levels of security and for workers and Barwa Al Baraha, safety at its developments for its for example, is one of the most employees, workers, customers and prominent development projects in tenants through setting standards favor of workers in Qatar. for application and inspection and conducting raising awareness activities. The safety and security of the tenants is on the other hand 42

INITIATIVES IN NON-PROFIT & Barwa continues to reap the SUPPORT OF SOCIAL CAUSES benefits of these solutions, in addition to its charity COMMUNITY contributions that are made in favor INSTITUTIONS Since its establishment, Barwa has always been keen on contributing of families in need and initiatives effectively in offering efﬁcient housing aimed at elderly citizens and Out of its belief in the role that solutions that provide affordable prices troubled nations in war zones. community institutions could play in and high quality for those of low and serving and developing a prosperous medium income such as Masaken society, Barwa is always keen on Mesaimeer and Al Sailiya. launching initiatives to provide ﬁnancial and technological support for these institutions, including schools and charities. 43

OUR EMPLOYEES

The Barwa team is the key to the new ideas, solving problems and EMPLOYEE success of our business. Hence, in promoting continuous improvement WELL-BEING Barwa we respect and value the by participating in training and development programmes varying individuality and diversity that every We place the highest priority on the between soft skills and technical employee brings to the business and health and safety of our employees. training. During 2016, most we are keen to create an environment Barwa promotes periodic health employees at Barwa were provided of mutual respect, transparency, and and safety awareness campaigns with development and leadership teamwork. Additionally, we seek to and provides employees with programmes. This year we aim to implement a distinctive approach a safe and ergonomic office retain our best talents based on new of human capital enrichment in environment. Barwa therefore company directives and provide order to achieve our strategy and sets up solutions and standards of them with a wide range of training objectives. This requires having real estate with health and safety and development programmes. a national caliber with a high measures in accordance with standard of proficiency, knowledge the specifications provided by and energy, able to commit to QATARISATION the Civil Defense Department in the group’s objectives and plans, Qatar. to support Barwa as a key player Barwa is committed towards against the wide competition in the supporting the Qatar National real estate market. Vision 2030, which aims to develop Qatari nationals in order SKILLED CALIBRE to achieve Qatar’s long-term development and a prosperity. The Barwa team has diverse Building a successful business educational and professional environment and prosperous backgrounds, bounded by a shared nation requires the support of passion for problem solving, a drive an exceptional and dedicated team to have a significant contribution to the business and capabilities to who are committed towards quality manage and cope with change and and consistency. We therefore thus provide positive impact on focus on the nationalization of key the business. Dedicated employees positions through performance make the greatest contribution to based learning and continuous our efficiency, culture and results. development. Ultimately, they deliver value to To date, Qatarisation measures our consumers, customers and around 55% of the total headcount all stakeholders. In Barwa, we where most of the senior encourage the team to be creative management positions are occupied and innovative in generating by Qatari nationals.