19 December 2004

The first luxury beach villas to be marketed by The Pearl-Qatar, the US $2.5 billion island being reclaimed off the Qatari capital of Doha, have gone on sale.

The La Plage West villas make up the first of three sea-view La Plage neighbourhoods which will provide investors with one of the most prestigious addresses in the Arabian Gulf.

In total, the La Plage districts - which will hug the meandering coastline of the island's entire southern fringe - will feature some 198 villas. Those on La Plage West will look out onto Doha and have superb views of the capital's mainland beaches.

"These villas, being designed by award-winning US architects RNL International in association with KEO International, will be individual dwellings of superb quality based on the Mediterranean style in keeping with The Pearl-Qatar's Riviera Arabia positioning," said Nick Bashkiroff, Development Director, The Pearl-Qatar.

"We expect them to appeal to discriminating investors looking for spectacular locations and discreet style."

The six distinct villa designs, all with their own private pool and beach frontage, range from three to six bedrooms.

"These are very spacious homes offering a great deal of privacy with living space ranging from 440 square metres to 1,019 square metres," added Bashkiroff. "They will capture the very essence of true island life."

Investors, many of which will be seizing a ground-floor opportunity to enter Qatar's only freehold property market for overseas buyers, will be offered three purchase options. The first involves a choice of plot and approved villa design and villa construction by United Development Company (UDC), the developer and promoter of The Pearl-Qatar. The second alternative involves the investor choosing a plot and villa design and appointing his own construction company while the third involves choosing a plot and designing and building their own villa in accordance with UDC guidelines.

The La Plage villas come with a range of integral value-added features which include 24-hour security, gated access, tiled roofs, large plots quality finishes and fully landscaped gardens.

"Our offer will ensure delivery of a truly world-class project which will live up to the quality positioning of this unique living experience. The villas will be ready for occupancy by mid 2007," said Bashkiroff.

-Ends-

Notes to Editors:
ABOUT THE PEARL-QATAR
This US $2.5 billion offshore, Riviera-style man-made island, covering 400 hectares of reclaimed land, is Qatar's first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors. It will create over 30 kilometres of new coastline.

The Pearl-Qatar's name and location, on a former pearl diving site, leverages the country's traditions, and strong historical and cultural ties to the sea - it is an island rediscovered.

The Pearl-Qatar will eventually house 30,000 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 10 distinct districts to be developed over five years, with the first investors expected to take up residency in 2006. The Riviera Arabia themed districts will house three luxury hotels, four marinas, with combined mooring for over 700 boats, and 60,000 square metres of luxury retail and restaurant space.

The Pearl-Qatar is being built 350 metres offshore the West Bay Lagoon area of the country's capital, Doha. Whilst offering an exclusive retreat, the island will also be closely integrated with, and have easy access to, the capital's thriving community.

Dredging work for The Pearl-Qatar is currently underway; the project in total is due for completion in 2009. La Plage will be ready for occupation by March 2007.

The Pearl-Qatar is being developed and promoted by United Development Company (UDC), Qatar's largest private sector shareholding company.

ABOUT UNITED DEVELOPMENT COMPANY (UDC)
The Pearl-Qatar's developer, UDC, is the country's largest private sector shareholding company with a mission to identify and invest in long-term projects that contribute to Qatar's growth and provide good shareholder value. The company was established in 1999, with an authorised share capital of QR 500 million (US $140 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 150 company.

UDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company - 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. UDC is also a partner in Al-Seif Company Ltd - 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 starts operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Al Khaleej Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.

UDC'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 UDC.

ABOUT THE STATE OF QATAR
Centrally located in the Arabian Gulf, the peninsula state of Qatar, with 17.9 trillion cubic metres, has five per cent of the world's proven natural gas reserves. Qatar is the richest Arab nation with a per capita income of US $30,000 per annum.

Eighty per cent of the Qatari population, which is now approaching one million, is based in and around the capital, Doha.

Qatar has strong historical and cultural ties to the sea. Pearl fishing was the traditional mainstay of the economy until oil and gas took over around 50 years ago. Although pearling is no longer a key economic driver, it has left a legacy of skills, stories, music, art and poetry that is a source of identity and pride for Qataris today.

Qatar has growing inbound tourism ambitions with The Qatar Tourism Authority targeting tourism arrivals of 1.25 million in 2005 and Doha International Airport is undergoing huge expansion and new build to cope with anticipated increased passenger traffic. When completed in 2015, the new airport will be able to handle around 50 million passengers a year.

Central to the international promotion of Qatar is the country's flag carrier Qatar Airways - now one of the world's fastest-growing international airlines. Currently serving a growing route network throughout Europe, Russia, the Middle East, Sub-Continent and Asia, the airline plans to serve more than 60 destinations by 2005 and have a fleet of 52 Airbus aircraft by 2008.

Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is fast making a name for itself on the international sporting arena and, in 2006, will host the Asian Games.

The Qatari government has a pro-business stance on foreign investment and is encouraging the growth of the country's private sector, stimulating progress with an active privatisation programme.

*Source: Ministry of Economy and Commerce, State of Qatar

For further information:
Barbara Saunders, The Pearl-Qatar.
Tel: +974 4463406
Mobile: +9714 50 6253327
Email: Barbara.s@actionprgroup.com

Or Fouad Kassem, Action Qatar
Tel: +974 465 7704
Fax: +974 465 0385
Email: fouad.k@actionprgroup.com

Or log on to: www.thepearlqatar.com

© Press Release 2005