THE LAND awards construction contract to Al Arrab for first 3 towers

Notes and media contacts

Issued by Frontline Marketing on behalf of THE LAND.
For further information, please contact:
Amina Soussi
Senior Account Executive
Frontline Marketing
P.O.Box 116045 Dubai - U.A.E
Tel:+971-4-332 33 04
Fax:+971-4-332 33 06

ABOUT 'THE LAND'

THE LAND' is a GCC based company that operates across the Middle East region, with operations in Qatar, Jordan, Bahrain and Kingdom of Saudi Arabia. THE LAND comprises a team of successful businessmen from Saudi Arabia and Qatar, with extensive experience in investment, finance, retail and large scale construction projects. The company has announced its plan to build 7 residential towers at the Porto-Arabia district of The Pearl-Qatar, investing over 2 Billion Qatari Riyals for its first project in the country.

ABOUT ACC

Al Arrab Contracting Company (ACC) is a Saudi General Contracting Company with offices in Riyadh, Bahrain, Qatar, UAE and Iraq. ACC is prepared to undertake jobs ranging from simple construction projects to complex design, build, equip and furnish turnkey projects.

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 3-phase development comprises 10 distinct districts to be developed over five years, with the first investors expected to take up residency in late 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and 100,000 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 completed project build-out 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 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 second largest in the world after Russia. Qatar is the richest Arab nation with a per capita income of US $40,000 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 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 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 privatization programme.

*Source: Ministry of Economy and Commerce, State of Qatar