Qatari Barwa Real Estate is to develop seven hotels in Switzerland and Belgium at a cost of $128.7 mln (EUR 94 mln) through a joint venture with Luxembourg's Rosbud Hotels Holding and Banque de Patrimoines Prives Geneva (BPG). On completion of the developments in 2010, Barwa may sell the properties, the company said in a statement.

Qatari Barwa Real Estate is to develop seven hotels in Switzerland and Belgium at a cost of $128.7 mln (EUR 94 mln) through a joint venture with Luxembourg's Rosbud Hotels Holding and Banque de Patrimoines Prives Geneva (BPG). On completion of the developments in 2010, Barwa may sell the properties, the company said in a statement.

'This investment project is considered to be one of the pioneering projects being undertaken by Barwa Real Estate Company in Europe', said Ali Mohamed al-Obaidly, a director and senior adviser. Barwa is to finance the project in accordance with Shariah principles.