Barwa Real Estate Co., Qatar’s second-largest property developer by market value, made its second acquisition this year as its banking unit gained control of The First Investor.
Barwa Bank bought the local investment firm after getting approval from the Qatar Central Bank, the company said in an e- mailed statement today. “The transaction will proceed through Barwa Bank acquiring the share capital of TFI in exchange for shares in Barwa Bank,” it said. “Both companies are currently in the process of finalizing all necessary filings in order for TFI shareholders to be issued shares in Barwa Bank.”
Qatari companies are consolidating through acquisitions and mergers after the country’s economy slowed and real-estate prices dropped last year amid the credit crisis. Other companies that may combine include Qatar Navigation, a marine freight transport company, and Qatar Shipping Co.
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