UDC to manage design and construction of Qatar Insurance Company's tower at Porto Arabia
United Development Company (UDC), Qatar's premier development and investment company has been awarded the management contract for the design and construction of Qatar Insurance Company's tower in the Porto Arabia district of The Pearl-Qatar.
Under the terms of the agreement, Qatar Insurance Company (QIC) has asked UDC to undertake the administration of the architectural and engineering design and to provide the administration of project management, construction management and site supervision services in connection with the development of Tower 14B in Porto Arabia.
Officials at UDC said the deal was another example of the company's commitment to provide investors in The Pearl-Qatar with the management and construction supervision services they will need to carry on construction of their towers and other projects at the Island.
"Our goal is not only to sell tower plots to our investors, but also to simplify the whole development process for them by offering our expertise and services in project management and site supervision," said UDC CEO Walid Al Saadi. "We are delighted to partner with our investors by putting all our resources and expertise to work in order to carry their development projects on the Island to the finish line."
"Our vision is to create lasting partnerships for progress and we continue to show that our successes are based on this vision," said Omar Alfardan, Board Member at United Development Company.
"We are very pleased that Qatar Insurance Company has chosen UDC to manage the development of their tower project. As owner and developer of The Pearl-Qatar we take great pride in the entire project and we look forward to ensuring their tower is designed and constructed to the highest of standards," Alfardan added.
The Pearl-Qatar is the one of the largest real estate projects in Qatar and the only project offering true freehold investment opportunities. Porto Arabia, the first district of the island to be developed, has witnessed rapid growth and generated wide interest.
All 31 plots of towers have been sold to developers. Test piling has been completed and groundwork is underway.
Construction of The Pearl-Qatar has been racing ahead and can be viewed from Doha's waterfront. The island will be home to some 40,000 residents by 2009 and the first units at Porto Arabia will be ready for occupants in late 2007.
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About United Development Company (UDC)
United Development Company (UDC) is one of the country's leading private sector shareholding companies with a mission 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 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 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 starts 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. The company's registration and management agreements are under finalization. Production is expected to begin in the first half of 2006.
Also, plans are currently underway to enter into the biological wastewater treatment and reuse business in partnership with Millenya Inc. of Ankara, Turkey. Consequently, UDC has signed a Memorandum of Understanding (MOU) with the Turkish Group in February 2006, whereby UDC will acquire 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.
About Qatar Insurance Company (QIC)
Qatar Insurance Company (QIC) has a strong competitive position in the State of Qatar (A+/Positive/A-1), where it is the leading "national" insurance company, a status that gives it the right to quote to lead underwrite for all government-sponsored project risks.
The ratings on QIC reflect the company's extremely strong capital adequacy, strong and established competitive position, and very strong operating performance.
QIC is a quoted company on the Doha Securities Market (DSM), and the Qatari government has retained a 12% stake in the company since its establishment in 1964.
For further information please contact:
Roger Dagher
Chief Communication Officer
UDC
Tel: +974 446 3459
Email: roger.dagher@udcqatar.com
© Press Release 2006
