Addressing the conference being held at the Intercontinental Hotel Doha, Nick Bashkiroff, Development Director for The Pearl-Qatar, said investors and local communities now expected developers to deliver social responsibility along with their projects.
"Certainly The Pearl-Qatar is a commercial enterprise - a ground-floor opportunity to get into Qatar's newly emerging international real estate market - but it will also have numerous socio-economic benefits for this country," said Bashkiroff.
Among the benefits to be delivered, said Bashkiroff, is a significant boost to the local economy through spending by the labour force and local material purchases during construction of the island, which is due for completion in 2009.
"Over 22,000 people are expected to work on this project," he said. "We estimate they will inject some 600 million Riyals into the local economy with spending on food, clothing and incidentals."
Job creation will also boost the economy, he said. "There will be great employment opportunities in the three hotels, the many boutiques, restaurants, leisure and spa facilities. In all, around 3,500 jobs will be created to serve these facilities."
Other benefits outlined included: improved water flow through the West Bay Lagoon through the design of the eight kilometre Grand Cruz causeway which will link The Pearl-Qatar with the mainland; the provision of an increased diversity of housing styles, many of which are not currently available in Qatar; the creation of new environments and experiences to the region such as international yachting facilities and an enhanced aesthetic appeal for Doha through the creation of the lushly landscaped island.
But the benefits, said Bashkiroff, go far beyond the economic and physical and also touch the international profile of Qatar.
"The island will be an iconic development which will enhance the global image of Doha and Qatar as a premier residential, shopping and tourist destination," he said.
And the Development Director said that in the final analysis, one of The Pearl-Qatar's key achievements would be that it will meet three of the Qatari Government's five prime objectives for economic development.
"These are increased economic diversification, the promotion of private investment and an enhancement of the cultural and educational experiences of Qatar," he explained.
Bashkiroff said that though The Pearl-Qatar is a new real estate project - the first to offer freehold opportunities to overseas investors - it very much reflects the cultural heritage.
"We are not just developing culture; we are helping its revival. In reality we are reclaiming a former pearl diving site - hence the island's name - and we are leveraging the country's strong cultural ties with the sea. This is an island not made, but rediscovered," said Bashkiroff.
"The very name, The Pearl-Qatar, pays homage to the previous mainstay of the local economy - pearl fishing. 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."
However, Bashkiroff said that The Pearl-Qatar was aiding an evolution of the local culture through the island's concept, brand essence and design.
"We are creating the Riviera Arabia - taking the very best of the Mediterranean and evolving it with an Arabian influence right here in the Gulf," he said.
Bashkiroff said the brand essence of the Riviera Arabia was differentiating The Pearl-Qatar from other mega projects in the region and had been well received by buyers.
"Our positioning and commitment to world-class quality has resonated with the international investment community to whom we are providing the most glamorous address in the Arabian Gulf," he said.
Bashkiroff spoke of the substantial local, regional and international interest in the first towers released for sale along the island's main marina which were completely sold out shortly after release, and in the project's first luxury villa phase - La Plage West.
"All now bodes well for the marketing of our second villa phase, which will consist of an additional 50 plots and for the next release of towers around Porto Arabia. Both should come on line this month," he said.
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MEED conference hears how the Pearl Qatar will deliver socio-economic benefits
- United Arab Emirates: Saturday, January 15 - 2005 at 12:59
- PRESS RELEASE
Delegates at the 'Third Major New Project Opportunities In Qatar' yesterday heard how The Pearl-Qatar, the US 2.5 billion dollar island being reclaimed off the coast of the Qatari capital, will deliver numerous socio-economic benefits to the country and its population.
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ABOUT THE PEARL-QATARThis 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 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, 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 in total 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 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
For further information:
Barbara Saunders, The Pearl-Qatar.
Tel: +974 4463406
Or
Fouad Kassem, Action Qatar
Tel: +974 465 7704
Fax: +974 465 0385
Posted by Lara Lynn Golden, News EditorSaturday, January 15 - 2005 at 12:59 UAE local time (GMT+4)
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