The Crown Prince of Belgium Tours The Pearl-Qatar

Another high-profile visit to explore The Pearl-Qatar

Doha, Qatar - November 07, 2007: In another high-profiled visit to consecrate its statute of unrivalled icon of luxury and elegance, The Pearl-Qatar welcomed H.R.H. Crown Prince Philippe of Belgium, Duke of Brabant, at The Oyster, the Sales and Marketing Center of the island.

His Royal Highness were welcomed by high officials from the United Development Company, owner and developer of The Pearl-Qatar Mr. Khalil Sholy, President and Managing Director, Mr. Omar AlFardan, Member of the Board, were all at hand to greet Their Royal Highnesses and acquaint them with UDC's masterpiece, The Pearl-Qatar.

After the initial reception, the Prince along with the Belgian delegation that included the Ambassador and Consul of Belgium in Qatar were escorted to the upper level of The Oyster where they listened to a detailed presentation of the establishment and development of The Pearl-Qatar island. The royal guests expressed their amazement at the large-scale model of The Pearl-Qatar standing at the center of The Oyster and at the state-of-the-art multimedia surrounding within the building.

Following the comprehensive presentation that left all those present in awe, His Royal Highness joined other distinguished guests on an exclusive boat trip to the entrance of Porto Arabia, the first phase of The Pearl-Qatar project. During the trip, the Prince had a close look at the ongoing construction process and at the vast land area that will embrace the most select and elite location in the Middle East.

Commenting on the royal visit, Mr. Khalil Sholy said, "This visit bolsters both the established economic ties between Belgium and Qatar and the iconic reputation that The Pearl-Qatar has been garnering for the past years. It is always an honor to welcome distinguished guests and to give them a glimpse of our vision that builds upon present and future generations. We are proud that our project has grown to become a landmark of international status attracting investors from the four corners of the world."

In his turn, Mr. Omar AlFardan explained that "The Pearl-Qatar, even before its completion, has acquired a standing that took others years to achieve. This royal visit reinforces our mission of becoming the sought-after niche of unique luxury, glamour and exclusive lifestyle. This international appeal and halo surrounding The Pearl-Qatar is not only a result of the amenities it promises to offer. It is also associated with the fact that UDC has worked on preserving the existing topography and marine environment within the island and surrounding it. We made sure that the environment, be it marine or other, is indoctrinated within our vision of a global and rare island. We do not only want to be a model of cosmopolitan living, but also of healthy and nature-conscious living. At UDC, we believe that preserving our ecosystem is among the most precious gifts we will be imparting to our investors and to future generations."

Towards the end of the visit, His Royal Highness expressed their gratitude for the warm welcome they have received from UDC officials and employees and professed their confidence that The Pearl-Qatar will be a center of hospitality and leisure in the region and the world.

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ABOUT UNITED DEVELOPMENT COMPANY (UDC)
United Development Company (UDC) is one of the country's leading public 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 July 1999 and has an authorized share capital of QR 1.072 billion (US $294 million),. It 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 March 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 Fertilizer Company (QAFCO) and other Qatari investors. Operations began in 2004.

In mid-2006, 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.

United Development Company's latest business partnership was signed on November 28, 2006 when the company concluded a joint venture agreement with Spain's Ronautica S.A. The agreement saw the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC holds a 60 percent stake while Ronautica S.A. holds the remaining 40 percent in the new firm.

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 PEARL-QATAR
The Pearl-Qatar is an offshore, Riviera-style man-made island, covering 985 acres of reclaimed land with an estimated cost of more than 50 billion dollars. 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 32 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 40,000 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 13 distinct districts to be developed over a period of five years. The Riviera Arabia themed districts will house three luxury hotels, two boutique hotels, three marinas with combined mooring for over 1004 boats, and more than 2 million square feet of luxury retail, recreation and restaurant space.

Built 350 meters offshore of 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.