DUBAI, July 23 (Reuters) - Qatar’s struggling real estate firm Barwa Real Estate on Tuesday named a new chairman and changed the representation of its largest shareholder and state property fund Qatari Diar in the board.
Salah bin Ghanim al-Ali, who was named Qatar’s new Sports Minister in June and is also a senior executive at Qatari Diar, will be the new chairman of the board.
The current board chairman is Hitmi Ali Khalifa al-Hitmi according to the company’s website. No further details were provided on al-Hitmi’s role at Barwa in a bourse statement.
The Board of Directors includes seven members, three of which are from the Qatari Diar while the remaining four are elected by the shareholders, Barwa said in the statement.
Qatari Diar, which owns 45 percent of Barwa, stepped in with $7.1 billion of financial support for Barwa in June, buying some key assets to help the company reduce its debt pile. (Reporting by Praveen Menon; Editing by Dinesh Nair)