Angolan Prime Minister visits The Pearl-Qatar

Notes and media contacts

About The Pearl-Qatar
This US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres 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 35,000 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 more than 90,000 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. While 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, currently underway, is scheduled to be completed early next year.

The Pearl-Qatar is being developed and promoted by United Development Company (UDC), one of Qatar's leading private sector shareholding companies.

About United Development Company (UDC)
The Pearl-Qatar's developer, UDC, is one of the country's leading private sector shareholding companies 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 550 million (US $150 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, controls five percent of the world's proven natural gas reserves. It is the richest Arab nation with a per capita income of US $30,000 per annum.

Eighty percent 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 this year targeting arrivals of 1.25 million tourists and the Doha International Airport undergoing huge expansion to cope with the anticipated increase in passenger traffic. When completed in 2015, the airport will 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 will operate a fleet of 52 Airbus aircraft by 2008.

Qatar, already host to annual ATP tennis tournaments and PGA golfing events, is 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.

For further information:
Barbara Saunders, The Pearl-Qatar.
Tel: +974 4463406
Mobile: +971 50 6253327
Or Fouad Kassem, Action Qatar
Tel: +974 465 7704
Fax: +974 465 0385