QDC'S Leading Role in the Pearl-Qatar and International Airport Projects Reinforced

Doha, Qatar, March 8, 2005 - Qatar Dredging Company (QDC) today announced that it is enhancing its fleet of dredging vessels to meet the expected increase in future projects.  One new cutter suction dredger (CSD) specifically designed to operate in shallow water is scheduled to arrive in Doha during March 2005. QDC additionally plans to modify its largest CSD, the "Al Mahaar", to enable both deep and shallow water operations. When completed, QDC will own the largest capacity CSD capable of shallow water operations in the world. 

These and other planned fleet expansions will favorably position QDC to compete in the Gulf Region.  To date, QDC has identified and is actively pursuing approximately twenty dredging and reclamation projects in Qatar, Bahrain, UAE, Kuwait, and Iran.  The expected value of these projects is estimated at approximately QR 3 billion.  QDC is seriously considering enlarging its fleet by the addition of 2 to 3 cutter suction dredgers and 2 trailer suction hopper dredgers.

QDC is Qatar's unique dredging resource, and the lead partner in the international Joint Venture that was awarded major reclamation works for the New Doha International Airport (NDIA) last month.  QDC is also carrying out the complex dredging and reclamation programme for the Pearl - Qatar luxury island residential development, and actively engaged in major dredging and reclamation projects in Bahrain and Iran.

QDC was registered as a Qatari company in June 2004.  Shareholders in QDC are the United Development Company (UDC) of Qatar, Dredging, Environmental & Marine Engineering (DEME) from Belgium, and the Government of Qatar. 

Abdulrahman Abdullah Abdulghani, Chairman of QDC, said yesterday: "QDC is moving from strength to strength and we are delighted to have a solid base load of work on the table.  Our current expansion programme enables us to take on further substantial projects in 2005 and 2006 in Qatar and overseas."

As the lead partner in the NDIA reclamation contract Joint Venture, QDC began dredging works on January 24 using its heavy-duty, cutter suction dredge Al Mahaar, which is registered and based in Qatar.  The Joint Venture involves a contract worth QR 1.559 billion.  QDC's partners in the Joint Venture are leading international land reclamation specialists Dredging International, Great Lakes Dredge & Dock Company and Boskalis Westminster. 

QDC is carrying out over 60% of the works on the NDIA project involving the use of cutting and filling vessels over and above the Al Mahaar. 

QDC's other major local venture is the extensive reclamation contract for the exclusive offshore real estate development; The Pearl - Qatar.  Work on this landmark project began in August 2004 -- dredging is now well on target to deliver over 4 million square meters of reclaimed land and more than 40 kilometers of new coastline.

Mr Abdulghani added: "QDC is building up an extensive local order-book throughout the Gulf region, with other important projects in Bahrain and Iran.  This experience has proven very valuable to the Joint Venture, especially in the start-up phase of the NDIA project."

-Ends-

Note to Editors:
United Development Company Q.S.C. (UDC) was established in 1999 as one of the largest private sector Qatari shareholding companies.  It was created to be an effective platform for private sector development and for implementation of medium and large-scale projects in Qatar. 

The founders, who hold some 45% of the shares, are among the most successful businessmen in Qatar, with established track records.  They are involved in industrial development, joint ventures, project development, real estate, banking and international investment. 

UDC shares are listed on the Doha Securities Market and are widely held by over 3,000 individual shareholders from Qatar and neighbouring GCC countries.

For further information, please contact:
E-Mail: info@udcqatar.com
Tel.: +974 436 1542 

© Press Release 2005