The Board of Directors report of First Qatar Real Estate Development Company (OTC 918) highlighted the company's efforts to reschedule its debt of KD 98,075,123 at a 6.75% interest rate. The focus was on improving the performance of hotels, leading to partnerships with restructuring specialist EVERCORE and revenue enhancement firm MEREHA. These initiatives were aimed at benefiting shareholders foremost. 
  
Despite six months of negotiations, no agreement was reached with the bank. As a result, the company restructured loans by reducing interest rates and extending payment periods. Alternatives such as selling the entire project or hotel units are being considered.  

A dispute arose with the main contractor over outstanding dues, resulting in a legal case and a ruling against the company. Efforts are underway to settle the remaining payments through asset sales in Oman and stock portfolio liquidation, with renewed negotiations with the contractor. 
  
The report disclosed a net loss of KD 9,441,674 for 2023, representing a 73.2% increase from the previous year. Factors contributing to the loss included debt servicing costs of KD 6,509,679 and expenses totaling KD 2,511,744.