15 January 2005
United Development Company (UDC), the developer and promoter for The Pearl-Qatar, the largest private real estate project in Qatar, has announced it is to launch the second phase of the project in February 2005 ahead of plan.

The move follows what UDC Chairman, Hussain AlFardan described as an "overwhelming" response to the marketing of the first properties along the island's main marina, Porto Arabia and the La Plage beachfront luxury villas set on the west coast of the island.

"The marketing and sales activities of the first phase of the development far exceeded our expectations and attracted investors from the GCC as well as internationally," said AlFardan at a press conference held in Doha, Qatar.

The Pearl-Qatar has positioned itself as the 'Riveria Arabia' and is set to become the most glamorous address in the Middle East with its Mediterranean-styled architecture, spectacular views and world-class marinas.

Luxury apartments, town homes and penthouses grace the warm waters of the Arabian Gulf together with beach front villas which offer investors unrivalled choices. 

"The project represents the corner stone of the scope and objectives of the United Development Company, which has successfully launched other major projects in Qatar in order to play its role in the speedy and impressive development process that we have been witnessing over the years in the cultural, educational, social, economical and architectural sectors under the wise guidance of HH the Emir," explained AlFardan.

From inception, The Pearl-Qatar project was blessed by HH The Emir Sheikh Hamad bin Khalifa Al -Thani and has the full support of his Highness and the honorable member of the government.

The island will cover an area of four million square meters and will include residential villas, townhouses and apartments which will house 30,000 people approximately.

Additionally, The Pearl-Qatar will have 3 luxury hotels, a balance and equally high class restaurants, retails shops, social and educational centres making it a world-class destination for Qatar's residents and tourists alike.

"Dredging and reclamation work has already commenced and is making good progress. Infrastructure utilities, architectural contracts have been awarded to international companies. Construction of the first buildings is expected to commence towards the end of the first quarter of this year," announced Khalil Al Sholy, Managing Director of UDC.

"It is worthwhile mentioning that extensive studies were carried out before the decision was taken to proceed. Those studies covered the technical, economic and environmental aspects of the project. They clearly proved the practicality, viability and feasibility of the project. They gave us full confidence and determination to proceed ensuring good returns for our investors at the same time," said Al Sholy.

He explained that UDC has also issued a contractors' prequalification tender for the execution of infrastructure work across the whole of the island and for the high rise residential towers and associated parking, townhouses and shops surrounding Porto Arabia.

-Ends-

ABOUT THE PEARL-QATAR
This US $2.5 billion offshore, Riviera-style man-made island, covering 400 hectares 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 serve more than 60 destinations by 2005 and 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.

*Source: Ministry of Economy and Commerce, State of Qatar 

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
www.thepearlqatar.com

© Press Release 2005