Qatar Insurance Company, the country's leading insurer and the second oldest in the Gulf region, plans to build one of the 31 twenty-storey residential towers which will surround Porto Arabia, the main marina of The Pearl-Qatar.
The Pearl-Qatar is the $2.5 billion (Dh9.2 billion) island being reclaimed offshore of Qatar's capital, Doha. Properties on the island are being sold on a freehold basis.
When completed, the project will offer housing for 30,000 people, mooring for more than 700 boats and 60,000 square metres of luxury retail and restaurant space.
Qatar Insurance Company (QIC) has bought one plot in the fourth and final release of tower properties, and will develop the 150-apartment tower in accordance with guidelines set down by the island's developer and promoter, Qatar-based United Development Company (UDC).
The deal was signed at QIC's headquarters in West Bay, Doha. Shaikh Hamad Bin Faisal Al Thani, a member of QIC's board and of its investment committee, and Khalil Al Sholy, UDC's managing director and a member of its board, signed the contract on behalf of their respective firms.
Khalifa A Al Subaey, QIC's general manager and Omar Alfardan, a member of UDC's board, were also present at the signing.
"The overwhelming sales response to date shows how The Pearl-Qatar has captured investors' imaginations. Its unique positioning makes it an attractive investment opportunity for QIC," Shaikh Hamad said.
"The Pearl-Qatar is an important project for the continuous development of Qatar and represents a unique investment opportunity for QIC in order to maximise its resources and diversify its investment portfolio," he said.
"This deal reflects QIC's commitment to developing new projects and highlights the important role and initiatives of local companies in supporting Qatar's development," he said.
The Tuscan-style tower to be constructed by QIC will represent one of six architectural styles Monaco, Tuscan, Provencal, Florentine, Catalan and Andalusian conceived to reflect The Pearl-Qatar's Riviera Arabia theme.
The tower will also feature a five-star lobby, state-of-the-art health club, swimming pool and four-floor parking facility.
"QIC's excellent credentials as one of the Gulf's largest insurers and a company committed to local and regional development makes it the ideal partner for The Pearl-Qatar," said Hussain Alfardan, UDC's chairman.
"We will be working closely together to deliver the highest-quality facilities and services in keeping with the project's iconic status," Alfardan said.
QIC's investment activities include an international portfolio as well as investments in regional and local companies serving industry and the local community.
Gulf News
