The Pearl-Qatar welcomes the luxury hotel company to the multi-billion dollar island

Doha, Qatar, October 28, 2006 - The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country today announced that Four Seasons Hotels and Resorts will open a new Doha-based property at The Pearl-Qatar.

The 350-room luxury hotel will offer up-market, exquisite suites and dining experiences, complementing the splendour and magnificence of The Pearl-Qatar island.

"We are tremendously thrilled to welcome Four Seasons Hotels and Resorts to The Pearl-Qatar," said Khalil Sholy, Managing Director of United Development Company (UDC), owner and developer of The Pearl-Qatar.

"As one of the most luxurious and prestigious developments in the Middle East, The Pearl-Qatar is attracting some of the world's leading brands to our island and this is reflected in our partnership with Four Seasons," he added.

The new Four Seasons Hotel at The Pearl-Qatar will be located within the Porto Arabia district of the island. The hotel will be situated on Marsa Arabia, a 72,000 square meters Island nestled inside Porto Arabia.

"We are delighted to be working with Four Seasons to create a second resort hotel in Doha," said a spokesperson with Advanced Tourism Investment Company, owner of the new resort as well as the existing Four Seasons Hotel Doha, which opened in 2005.

The addition of its second property at The Pearl-Qatar makes Qatar one of the few countries in the world to be home to multiple Four Seasons hotels.

"The Middle East is a strategic growth area for Four Seasons because of the high need for luxury accommodations to host business travellers from within the region and around the world, and offer leisure travel options," said Antoine Corinthios, President, Hotel Operations, Europe, Middle East and Africa for Four Seasons Hotels and Resorts.

"Today's announcement is only the beginning of many more major partnerships to be revealed in the coming months," said Sholy.

"The entire island will be home to over 2 million square feet of retail and commercial facilities, making The Pearl-Qatar a leading shopping and entertainment destination. We look forward to announcing other major groups joining us at The Pearl-Qatar very soon," he added.

Two years after the process started, The Pearl-Qatar has emerged as the largest island in Qatar waters. During this time, 400 hectares of new land have been created with a 32 kilometre shoreline, three coves, and navigable canals in addition to numerous other features.

"Over the past two years, we've made incredible strides and achievements in the development of The Pearl-Qatar. "From concept and design, to the recent full reclamation of land and beginning construction of towers; we have certainly come a long way," said Sholy.

"The tremendous successes we have so far achieved in the design and construction of the island has allowed us to focus our attention to the vast array of services available at The Pearl-Qatar," he added.

The Pearl-Qatar is one of the largest and most prestigious real estate projects in Qatar, offering true freehold ownership opportunities to international buyers. 

While all tower plots in Porto Arabia, the first district of the island to be developed, have sold out, tower plots in Viva Bahriya, the second district of the island, continue to generate wide interest and are virtually sold out. Sale of residential units in Viva Bahriya is expected to be launched soon.

Construction of The Pearl-Qatar has been racing ahead and can be viewed from Doha's waterfront. The island will be home to some 42,000 residents.

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ABOUT THE PEARL-QATAR
The 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 30 kilometers of new coastline.

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

The Pearl-Qatar will eventually house 42,000 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 11 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 700 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-Qatar is being developed and promoted by United Development Company (UDC), one of Qatar's leading private sector shareholding companies.

ABOUT UNITED DEVELOPMENT COMPANY (UDC)
United Development Company (UDC) is one of the country's leading private sector shareholding companies with a mission 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.

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 also partnered in 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. UDC 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 Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDC (32%) and BESIX NV (49%).  The remaining shares were acquired by local Qatari investors.  Production began in June 2006. On May 31, 2006 UDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDC acquired 60% of Millenya's equity.

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.

For more information on United Development Company, visit www.udcqatar.com

ABOUT FOUR SEASONS HOTLES AND RESORTS
Four Seasons is dedicated to perfecting the travel experience through continuous innovation and the highest standards of hospitality.  From elegant surroundings of the finest quality, to caring, highly personalised 24-hour service, Four Seasons embodies a true home away from home for those who know and appreciate the best.  The deeply instilled Four Seasons culture is personified in its employees - people who share a single focus and are inspired to offer great service.  Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels in major city centres and desirable resort destinations around the world. Currently with 70 hotels in 31 countries, and more than 25 properties under development, Four Seasons will continue to lead the hospitality industry with innovative enhancements, making business travel easier and leisure travel more rewarding.  For more information on Four Seasons, visit www.fourseasons.com.  

© Press Release 2006