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Milestone for The Pearl-Qatar

The Peninsula - 06/12/2006


 
(MENAFN - The Peninsula) The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country, completed the flooding of its three marinas this week as water began pumping into them.

Top officials from United Development Company, owner and developer of The Pearl-Qatar and one of Qatar's leading shareholding companies were on hand to witness the milestone event.

"This is just the latest development in the rapid progress of The Pearl-Qatar Island and further emphasises how far we have come in a very short period of time," said Hussein Alfardan, Chairman of UDC. "It is an exciting day for The Pearl-Qatar, UDC, our partners and all our shareholders as we take another step in building one of the world's most prestigious real estate development projects," he added.

The Pearl-Qatar's three marinas � Porto Arabia, Viva Bahriya and Costa Malaz � have now all been filled with water and can accommodate more than 750 boats. UDC and a top Spanish marina operating company will manage the three marinas.

Last week, UDC signed a joint venture agreement with Spain's Ronautica S A to establish Ronautica Middle East, a marina management and operations company. The newly formed company will run The Pearl-Qatar's marinas.

"This is a historical moment, and I am very proud of this achievement. These three marinas and ports are considered to be some of the most beautiful in the region and make The Pearl-Qatar one of the most elegant addresses in the Middle East," Alfardan said.

 

The Pearl-Qatar, an award winning development, has witnessed incredible strides and achievements over the past two years. The island has been fully reclaimed and is in the construction phase of its towers.

Among the residential and commercial plots being developed, officials recently announced that Four Seasons Hotels and Resorts would open a new Doha-based property in the Porto Arabia district of The Pearl-Qatar.

Two years after the reclamation work started, The Pearl-Qatar has emerged as the largest island in Qatar waters. During this time, 400 hectares of new land have been created with a 32km shoreline, three coves, and navigable canals in addition to numerous other features.

The Pearl-Qatar is one of the largest and most prestigious real estate projects in Qatar, offering true freehold ownership opportunities to international buyers. While all tower plots in Porto Arabia, the first district of the island to be developed, have sold out, tower plots in Viva Bahriya, the second district of the island, continue to generate wide interest and are virtually sold out. Sale of residential units in Viva Bahriya is expected to be launched soon.

Construction of The Pearl-Qatar has been racing ahead and can be viewed from Doha's waterfront. The island will be home to some 50,000 residents.

 

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