Gulf VVIP buys to develop high-end hotel projects
Three islands on The Pearl-Qatar, the US $2.5 billion iconic destination being reclaimed off the coast of the Qatari capital, Doha, have been sold to a private VVIP Gulf investor for hospitality development.
Under the multi-million-dollar deal, the investor has bought: Marsa Arabia - an anchor island-within-an-island in the centre of Porto Arabia, the main marina of The Pearl-Qatar; Viva Centrale, the island playground of Viva Bahriya, the project's second largest bay, and Marsa Malaz island, which sits snugly in the centre of The Pearl-Qatar's smallest bay - Costa Malaz.
"The investor has stated that development will follow The Pearl-Qatar's masterplan and the hotels to be built will be in line with the initial overall concept," said Nick Bashkiroff, Development Director, The Pearl-Qatar.
The original masterplan called for a 450-room, five-star hotel on Marsa Arabia. The property would sit in splendour on the island, the largest of three on the project, and would be a haven for some of the million business and leisure travellers expected in Qatar by 2010.
"The hotel will face an idyllic expanse of marine activity and a Riviera-style shoreline," explained Bashkiroff. The Marsa Malaz property was conceptualised as an exclusive hotel and spa.
"The island's hotels will be destinations in their own right and will enhance The Pearl-Qatar's positioning as The Riviera Arabia - a place to experience a Mediterranean lifestyle in the heart of the Arabian Gulf," he said.
Meanwhile, The Pearl-Qatar has launched the sale of around 500 townhomes fronting the 2.5 kilometre La Croisette boulevard which skirts the main Porto Arabia harbour.
The one, two, three and four-bedroomed town homes are the final freehold residential offerings on Porto Arabia, which will be the bustling heart of The Pearl-Qatar.
"These homes are individualistic in style with the one and two bedroom designs being single storey, the three-bedroomed homes being designed as duplexes and the four-bedroomed units being three storied. All will have magnificent views over La Croisette and directly onto the 400-berth Porto Arabia which is set to be an international super-yacht hub," said Bashkiroff. The town homes range in price from just over US $300,000 to US $1.3 million.
"We anticipate strong demand for these homes which offer investors opportunities at one of the most glamorous addresses in the Arabian Gulf."
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About The Pearl-Qatar
This US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres of reclaimed land, is Qatar's first international real estate venture, the largest real estate development in the country and the first to offer freehold and residential rights to international investors. It will create over 30 kilometres of new coastline.
The Pearl-Qatar's name and location, on a former pearl diving site, leverages the country's traditions, and strong historical and cultural ties to the sea - it is an island rediscovered.
The Pearl-Qatar will eventually house over 30,000 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 10 distinct districts to be developed over five years, with the first investors expected to take up residency in early 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and 60,000 square metres of luxury retail and restaurant space.
The Pearl-Qatar is being built 350 metres offshore the West Bay Lagoon area of the country's capital, Doha. Whilst offering an exclusive retreat, the island will also be closely integrated with, and have easy access to, the capital's thriving community.
Dredging work for The Pearl-Qatar is currently underway; the completed project build-out is due for completion in 2009.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), Qatar's largest private sector shareholding company.
About United Development Company (UDC)
The Pearl-Qatar's developer, UDC, is the country's largest private sector shareholding company with a mission to identify and invest in long-term projects that contribute to Qatar's growth and provide good shareholder value. The company was established in 1999, with an authorised share capital of QR 500 million (US $140 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 150 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 is also a partner in Al-Seif Company Ltd - 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 starts operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Al Khaleej Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
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 State Of Qatar
Centrally located in the Arabian Gulf, the peninsula state of Qatar, with 900 trillion cubic feet, has five per cent of the world's proven natural gas reserves. Qatar is the richest Arab nation with a per capita income of US $30,000 per annum.
Eighty per cent of the Qatari population, which is now approaching one million, is based in and around the capital, Doha.
Qatar has strong historical and cultural ties to the sea. Pearl fishing was the traditional mainstay of the economy until oil and gas took over around 50 years ago. Although pearling is no longer a key economic driver, it has left a legacy of skills, stories, music, art and poetry that is a source of identity and pride for Qataris today.
Qatar has growing inbound tourism ambitions with The Qatar Tourism Authority targeting tourism arrivals of 1.25 million in 2005 and Doha International Airport is undergoing huge expansion and new build to cope with anticipated increased passenger traffic. When completed in 2015, the new airport will be able to handle around 50 million passengers a year.
Central to the international promotion of Qatar is the country's flag carrier Qatar Airways - now one of the world's fastest-growing international airlines. Currently serving a growing route network throughout Europe, Russia, the Middle East, Sub-Continent and Asia, the airline plans to have a fleet of 52 Airbus aircraft by 2008.
Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is fast making a name for itself on all the international sporting event circuits and, in 2006, will host the Asian Games.
The Qatari government has a pro-business stance on foreign investment and is encouraging the growth of the country's private sector, stimulating progress with an active privatisation programme.
For further information:
Barbara Saunders
The Pearl-Qatar
Tel: +974 4463406
Mobile: +971 50 6253327
Email: Barbara.s@actionprgroup.com
Fouad Kassem
Action Qatar
Tel: +974 465 7704
Fax: +974 465 0385
Email: fouad.k@actionprgroup.com
Website: www.thepearlqatar.com
© Press Release 2005
