Qatari developer Barwa Real Estate reported a rise of 136.2% in its third quarter net profit, up to QAR 297.4 mn, according to Reuters calculations.

While Barwa recorded a rise in Q3 2016, its nine-month profit declined from QAR 3.5 bn to QAR 1.4 bn, according to a bourse statement.

Barwa on Sunday also signed a facility agreement with Qatar International Islamic Bank over QAR 600 mn to partially finance its new projects which are currently under construction.

Barwa Group was established in 2005 with 45% of its shares held by the Qatar Investment Authority via Qatari Diar.