Nick Bashkiroff, Development Director of The Pearl-Qatar, spoke at the MEED conference for non-energy projects in Qatar on Monday and outlined the vision of the island and the present state of construction.
"As of today, we have reclaimed more than 75 percent of the 4 million square meters of the island and we expect to have all reclamation works completed by July of this year," Bashkiroff said.
"The second phase of development has already begun with the awarding of a piling contract last July. The scope of the work includes the piling of Porto Arabia townhouses. Test piling has been completed and groundbreaking work has begun," he added.
Bashkiroff also told participants of the conference about The Pearl-Qatar's retail opportunities and the growing interest from a number of posh retail outlets and designers.
"In addition to housing and accommodation, the retail and entertainment sectors in Porto Arabia have generated significant interest from investors and corporations."
'The Pearl-Qatar features more than 2 million square feet of retail space and will have more than 800 outlets,' Bashkiroff said, adding 'that the project is positioning itself to become a destination for upmarket retailers and shoppers alike.'
After his speech, Bashkiroff took questions from the audience and responded in greater detail to the queries from the various businesspeople and executives.
"When completed in 2009, The Pearl-Qatar will be a destination of elegance, beauty, excitement, class, touristic attractions, shopping, dining, and experiences of world-class magnitude. It is destined to become this region's Riviera Arabia," he said.
The island will be home to some 40,000 residents by 2009 and the first units will be ready for occupants in late 2007.
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Officials from The Pearl-Qatar give speech at Meed Conference
- Qatar: Wednesday, March 29 - 2006 at 15:09
- PRESS RELEASE
Officials from The Pearl-Qatar, the multi-billion dollar offshore island recently told a group of investors and corporate executives about latest developments and achievements at The Pearl-Qatar.
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ABOUT UNITED DEVELOPMENT COMPANY (UDC):United Development Company (UDC) is one of the country's leading private sector shareholding companies with a mission to identify and invest in long-term projects contributing to Qatar's growth and providing good shareholder value. The company was established in 1999 and has an authorized share capital of QR 825 million (US $227 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 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 Seef Limited - 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 Gulf Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
In November 2005, United Development Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDC (32%) and BESIX NV (49%). The remaining shares were acquired by local Qatari investors. The company's registration and management agreements are under finalization. Production is expected to begin in the first half of 2006.
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.
Posted by Janeta Novakovic, Assistant News EditorWednesday, March 29 - 2006 at 15:09 UAE local time (GMT+4)
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