Industries Qatar (IQ) sold its stake in a local real estate firm for $44 million, the Gulf Arab region's second-largest chemical producer by market value said on Thursday, as the property sector faces low demand and growing supply.
IQ had held a 34-percent stake in Fereej Real Estate Company, which was set up in 2008 in a joint venture with a Gulf International Services unit and Qatar Real Estate Co. (Alaqaria). The latter had 33-percent stakes each.
"In view of the development in the real estate segment, the company has decided to proceed with the liquidation," IQ said in a filing to the Qatar stock exchange.
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