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Press Release: United Development Company
November 22, 2004
QATAR, UAE -- The Pearl-Qatar, the US $2.5 billion island destination being reclaimed offshore Doha in the Arabian
Gulf, is to have its European launch at the Homes Overseas Exhibition at London's prestigious ExCel from November
26-28.
"We have chosen this important show as our European launch pad because of its excellent track record in attracting
serious investors, developers, estate agents, mortgage lenders and international lawyers," said Nick Bashkiroff,
Development Director, The Pearl-Qatar.
"The UK market has shown intense interest in our freehold properties - the only true freehold real estate
in the Arabian Gulf - since we launched sales of apartments in our first phase in October. Reservations for our
luxury apartments surrounding Porto Arabia, the island's main marina, have been secured from British buyers.
"This show will give us the opportunity to raise awareness of our unique, world-class offering, not just among
the individual and institutional investor community but also among key influencers, such as real estate agents
and international lawyers. We will also use the show to build awareness of Qatar as an emerging up-market tourist
destination with a safe and family-oriented environment."
The Pearl-Qatar is being marketed as the Riviera Arabia with each of its 10 themed districts being named in Mediterranean-Arabic
tones.
"We believe we are developing the most glamorous address in the Middle East and the UK launch will also coincide
with the release of a second phase of properties," said Bashkiroff.
"As the launch of The Pearl-Qatar also represents the opening up of the Qatari real estate market to overseas
investors, it offers first-mover advantage into the world's richest per capita Arab country."
The British public has been dubbed by the UK's popular Homes Overseas magazine as "the largest single market
for foreign purchases in the world."
"UK Government figures show that the number of English households alone owning a second home abroad is up
14% this year and real estate analysts say the overseas market for second homes will surpass the domestic market
as people perceive better investment opportunities abroad and airlines reduce travel times," said Bashkiroff.
Doha is becoming increasingly accessible to the UK market with next month's planned launch by Qatar Airways, the
award-winning flag carrier of Qatar, of a daily service from London Gatwick to complement its existing twice-daily
service from London Heathrow. The airline also flies to Doha four times a week from Manchester.
While in the UK, Bashkiroff expects to meet with prospective real estate agents who will represent the Riviera
Arabia in Britain.
"Initial enquiries from the UK market are being actively followed up and final decisions on who will represent
us in Britain will only follow after the exhibition launch," said Bashkiroff.
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 40 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 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 2006. The Riviera Arabia themed districts will house three luxury hotels, four
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 project is due for total 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 authorized share capital of QR 500 million (US $140 million), and
listed on the Doha Securities Market in June 2003.
UDC's target areas of interest include: infrastructure, energy-intensive industries, hydrocarbons downstream, 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 International - and formed Qatar Cool, a district cooling company,
in association 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 will have a production capacity of 100,000 tons a year. UDC has also invested
in the Al Khaleej Formaldehyde Company.
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 17.9 trillion cubic metres, 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
the international sporting arena 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
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For further information: Barbara Saunders, The Pearl-Qatar. Tel: +974 4463406 Mobile: +9714 50 6253327 Email: Barbara.s@actionprgroup.com Or Fouad Kassem, Action Qatar Tel: +974 465 0365 Fax: +974 465 0385 Email: fouad.k@actionprgroup.com Or log on to: www.thepearlqatar.com