Qatar's multi-billion dollar island has been fully reclaimed and has become a full-fledged construction site
The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country has completed all land reclamation works and is moving ahead with tower and infrastructure developments, company officials said on Thursday.
The island development, one of the most prestigious real estate development projects in the region completed all dredging and land reclamation exactly two years after the approval of the work to begin.
Officials at United Development Company (UDC), owner and developer of The Pearl-Qatar, and its sister company Qatar Dredging Company, which was responsible for dredging and reclamation works, said it was a landmark day.
"This is a very exciting and special day for all of us at UDC and our partner companies," said Khalil Sholy, Managing Director of UDC
"It is with great pride that we announce today the completion of the island. The Pearl-Qatar, one of our flagship projects and one of the region's most breathtaking real estate developments, has come a long way in the past two years and with each passing day we come closer to fulfilling our vision of creating a community like no other," he added.
Today, 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.
Dredging and excavation is a complex process which, in the case of The Pearl-Qatar, saw the use 10,000 horsepower cutter-suction dredgers (CSD) to penetrate the earth and excavate soil, gravel and rock.
QDC officials said about 15 million cubic meters of land had been excavated and reclaimed to create the island that will be home to some 42,000 residents.
Since dredging is a process that creates defined shorelines and beaches, it has been recognized as an environmentally friendly procedure which generates new opportunities for marine life to grow.
"Maintaining and enhancing marine life is a very important issue for us and we are very grateful to have worked closely with Qatar's Supreme Council for Environment and Natural Reserves over the past two years to ensure the protection and improvement of marine life," said Nick Bashkiroff, Development Director of The Pearl-Qatar.
He thanked the organization for its support and guidance and said he looked forward to a continued professional relationship.
The Pearl-Qatar is one of the largest and most prestigious real estate projects in Qatar and the first development to offer true freehold investment opportunities. Porto Arabia, the first district of the island to be developed, is virtually sold out while residential units in Viva Bahriya, the second district of the island, are generating wide interest and are 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 by 2010.
Qatar Dredging Company (QDC) is a joint venture between UDC, Belgium's Dredging Environmental and Marine Engineering NV (DEME), and the State of Qatar. UDC has a 45.9 percent stake in the company while DEME has 44.1 percent and the State of Qatar with the remaining 10 percent.
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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. UDC'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.
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 (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. UDC 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. 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 further information:
Roger Dagher
Chief Communication Officer
United Development Company (UDC)
Tel: +974 446 3459
Email: roger.dagher@udcqatar.com
Nathalie Visele
Director
Shamal Marketing Communications (SMC)
PO Box 24459
Suite 712
The Fairmont Hotel
Sheikh Zayed Road
Dubai
United Arab Emirates
Tel.: +971 50 4576525
Fax: +971 4 3124313
E-mail: nathalie@theshamalgroup.com
© Press Release 2006
