| 20 Oct 2007 |
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United Development Company Launches Tower31 In The Pearl-Qatar's Porto Arabia
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The Company is expecting a major turnout for the purchase of housing units in one of the most important towers in The Pearl-Qatar
Doha, Qatar - 20 October, 2007: United Development CompanyUnited Development Company
, owner and developer of The Pearl-QatarThe Pearl-Qatar, announced the launch of one of its central towers located at Porto Arabia's exclusive entrance--Tower31. This inauguration comes as a result of the success of sales in The Pearl-QatarThe Pearl-Qatar and the extensive turnout for the purchase of housing units that are presently being sold in the project.It is expected that the demand for the purchase of housing units in Tower31 will be significant given its unique location and diverse specifications. The latter becomes all the more distinctive given the exclusive traits of The Pearl-QatarThe Pearl-Qatar, and the integrated services provided within the island ranging from security, to transportation, to solid and liquid waste treatment systems. In addition to advanced technological systems that are set up on the island dubbed as the smartest island in the world from a technological standpoint.
Tower31 is composed of one to three-bedroom apartments and four luxury penthouses. It offers a number of features, such as gyms, spas and massage centers, as well as a swimming pool and a vast parking area. The apartments of Tower31 are equipped with sophisticated smart home automation systems, which allow residents to control most of the household equipment and appliances, change room temperatures, open curtains and turn off lights via internet.
Officials at the United Development CompanyUnited Development Company confirmed that Tower31 will stand as vital proof of the level of sophistication and luxury provided by The Pearl-QatarThe Pearl-Qatar. The General Manager of Sales, Salim Abdel Rahim, explained that Tower31 has plenty of features that qualify it to be the most distinguished address in Porto Arabia, which is the first phase of The Pearl-QatarThe Pearl-Qatar island-project.
On the other hand, Mr. Elie Jubran, General Manager Marketing and Communications, added that, "Tower31 is made up of 20 storeys and is located in Porto Arabia, which is one of the most upscale regions in the project with an astounding 2.5 km beachfront concourse that includes high-end restaurants, cafes, and shops offering an array of well-known international brands and names in the world of fashion, in addition to jewelry and car exhibits. Porto Arabia also includes one of the biggest marinas in the region with a capacity to harbor 785 boats of the total 1004 that could berth in the island's three marinas. This harbor offers different sailing services to the visitors of the island".
Mr. Jubran continued by saying that, "Tower31 is also adjacent to Porto Arabia's beach club. We expect this club to become one of the most important destinations in the island and one of the most renowned beach clubs in the world as a result of its entertainment services, distinguished location and panoramic view of the city of Doha, in addition to its gardens, green areas, swimming pools and other services and features".
When asked about the characteristics of the apartments in Tower31, Salim Abdel Rahim said that, "These apartments were designed according to the highest quality standards and are equipped with the latest household appliances. Moreover, they provide the best features with respect to flooring, lighting, windows and others. This reflects our insistence on and commitment to excellence in order to provide the highest levels of luxury in the different parts of the project".
UDCUDC is placing the apartments of Tower31 for sale as of today's date. All those interested can visit The Oyster, The Sales and Marketing Center at The Pearl-QatarThe Pearl-Qatar site, to become further acquainted with the specifications of Tower31 and of the island.
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About The Pearl -Qatar
The Pearl-QatarThe Pearl-Qatar is a multi-billion dollar offshore, Riviera-style man-made island, covering 985 acres of reclaimed land. It is Qatar's first international real estate venture, one of the largest real estate developments in the country and the first to offer freehold and residential rights to international investors. It will create over 32 kilometres of new coastline.
will eventually house 40,000 residents in an up-scale, multi-cultural residential community which will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia.The four-phase development comprises 12 distinct districts to be developed over five years. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 800 boats, and more than 2 million square feet of luxury retail, recreation and restaurant space.
Built 350 meters offshore the West Bay Lagoon area of the country's capital, Doha, the Island will offer an exclusive retreat with easy access to the capital's thriving community.
The Pearl-QatarThe Pearl-Qatar is being developed and promoted by United Development CompanyUnited Development Company (UDCUDC), one of Qatar's leading private sector shareholding companies.
About United Development CompanyUnited Development Company (UDCUDC)
United Development CompanyUnited Development Company (UDCUDC) is one of the country's leading public shareholding companies. UDCUDC's mission is to identify and invest in long-term projects contributing to Qatar's growth and providing good shareholder value. The company was established in 1999 and has an authorized share capital of QR 1.072 billion (US $294 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.
UDCUDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDCUDC established the Qatar Dredging Company (QDC), a joint venture with the State of Qatar and Belgium's Dredging, Environmental & Marine Engineering NV, and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDCUDC also partnered with Seef Limited, a joint venture with Qatar Petroleum, to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant started operations in 2006 with a production capacity of 100,000 tons a year. UDCUDC has also invested in the Gulf Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
In November 2005, United Development CompanyUnited Development Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDCUDC (32%) and BESIX NV (49%). The remaining shares were acquired by local Qatari investors. Production began in June 2006. On May 31, 2006 UDCUDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDCUDC acquired 60% of Millenya's equity.
United Development CompanyUnited Development Company's latest business partnership was signed on November 28, 2006 when the company concluded a joint venture agreement with Spain's Ronautica S.A. The agreement will see the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDCUDC will hold a 60 percent stake while Ronautica S.A. will hold the remaining 40 percent in the new firm.
UDCUDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDCUDC.
© Press Release 2007
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