The Pearl-Qatar has once again defied world trends by signing a QR550 million ($150 million) deal with a leading property company for the sale of a precinct in the Island's Qanat Quartier.
United Development Company (UDC) and Retaj Marketing and Project Management signed a contract for the purchase of the QQ3 quarter in Qanat Quartier at the Oyster on The Pearl-Qatar yesterday.
The contract was signed by Abdul Latif Almahmoud, Retaj chairman, and Khalil Al Sholy, managing director and president of United Development Company, for The Pearl-Qatar .
The QQ3 quarter at Qanat Quartier contains 152 apartments and 25 town houses as well as a central retail area.
"We are very pleased to be part of a signing ceremony that further demonstrates that Qatar continues to be the center of attention and a safe haven for investors and people alike," said Mr Al Sholy.
"This is a further demonstration of the confidence investors have in Qatar's economy and UDC's flagship project The Pearl-Qatar."
Also present was Abdul Rahman Alnajar, CEO of Retaj, who expressed his complete confidence in the Qatari leadership's ability to deal with the present economic crisis.
He said that he was enthusiastic for the marketing of one of the most prestigious precincts which "reflects the charming image of the city of Venice.
"It seems as if it is coming from a beautiful time and a different land to spread its romantic essence across the place. The Pearl-Qatar reflects the best of Venice with its beautiful buildings, canals and piazzas."
At the launching of the Qanat Quartier in January this year all of the properties on sale were snapped up within an hour - for a total value of QR1.5 billion.
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About The Pearl-Qatar
The Pearl-Qatar is an offshore, Riviera-style man-made island in excess of Qatari Riyal 50 billion (US$14 billion) and one of the largest urban developments in Qatar, as well as the first to offer freehold and residential rights to international investors.
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.
Located 350 meters offshore the country's capital, Doha's, prestigious West Bay District and 25 kilometers away from Doha International Airport, the Island offers an exclusive retreat with easy access to the capital's thriving community.
Spanning over approximately 4-million square meters of land, and 32 kilometers of new coastline, the Island will eventually be home to an upscale multicultural community of over 41,000 residents, and comprising 15,000 dwellings within 10 precincts when completed in 2012.
The Island will also include five-star hotels, marinas, a yacht club, schools, restaurants and lifestyle amenities, and two million square feet of upscale retail space proffering some of the world's most renowned luxury brands.
The Pearl-Qatar is a smart investment that adds to the economic strength of the country with its offerings of full residency rights, freehold ownership, tailored payment schemes and a tax-free haven.
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:
United Development Company (UDC) is one of Qatar's leading public shareholding companies. UDC's mission is to identify and create opportunities that contribute to Qatar's growth and provide good shareholder value. The Company was established in July 1999 and has an authorized share capital of QR 1.0725 billion (US $294 million). It was listed on the Doha Securities Market in June 2003.
UDC's target areas of interest include: infrastructure and utilities, hydrocarbon and energy, urban development, environment-related businesses, fashion, and hospitality and leisure.
From day one, the Company's mandate and mission has been to become a cornerstone in the development that the region is currently witnessing; creating lasting value and maximizing returns for partners and shareholders. Through a combination of project activities and commercial enterprise, UDC has developed into the first-choice private sector joint venture partner for international investors in Qatar, and has successfully established new companies and investment vehicles across the region.
Since 1999, UDC has moved from project research into development, production and operations.
Project research has culminated into the successful creation of companies that are amongst the leaders in their related fields of industry. The Company prides itself in its ability to create quality investment opportunities both at home and overseas. The company is empowered to invest in financial instruments in Qatar.
UDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. Other Qatari and GCC investors are also shareholders in UDC.
Further information please contact:
Mira El - Baphe
Sr. Public and Media Relations Officer
T (+974) 44 63 457
mob. (+974) 5970433
Email: mira@udcqatar.com
Press Release 2008
