The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country, signed a deal on Tuesday with Arab Jordan Investment Bank Qatar (AJIB) establishing the bank as another mortgage provider for prospective home-owners at The Pearl-Qatar.
This latest agreement brings the total number of institutions offering financial services to buyers to three. Commercial Bank of Qatar and Qatar National Bank currently also provide mortgages for buyers at The Pearl-Qatar.
“We are very pleased to welcome Arab Jordan Investment Bank to the team of financial institutions that are working with us and our future home owners,” said Walid Al Saadi, UDC Chief Executive Officer.
“The Pearl-Qatar is a community where dreams come true and has quickly become a landmark of many achievements in the state of Qatar,” he added.
Officials from the Arab Jordan Investment Bank Qatar said the development was of great interest to them as The Pearl-Qatar has been generating much investor interest from around the region due to its superior quality and innovative design.
“From day one, we had been very interested in taking part in The Pearl-Qatar. Today is a realization of our desire to provide financial options to potential home owners and investors,” said Fuad Diab, General Manager of Arab Jordan Investment Bank Qatar.
“We are extremely happy to be offering our services for one of the most prestigious and exciting developments in Qatar—a country that has one of the most exciting economies in the Middle East,” he added.
Established in 1978, Arab Jordan Investment Bank is very experienced in providing investment solutions for clients in Jordan, Cyprus and Libya. The bank began operations in Qatar earlier this year through the Qatar Financial Centre.
The Pearl-Qatar development was recently awarded a top prize at the Arabian Property Awards, part of the International Property Awards program. It was the only Qatari project to win such an award.
The Pearl-Qatar has witnessed incredible strides and achievements over the past two years. It recently completed full reclamation of land and has begun construction of towers. Among the residential and commercial plots being developed, officials recently announced that Four Seasons Hotels and Resorts would open a new Doha-based property in the Porto Arabia district of The Pearl-Qatar.
Two years after reclamation work started, The Pearl-Qatar has emerged as the largest island in Qatar waters. During this time, 400 hectares of new land have been created with a 32 kilometer shoreline, three coves, and navigable canals in addition to numerous other features.
The Pearl-Qatar is one of the largest and most prestigious real estate projects
in Qatar, offering true freehold ownership opportunities to international buyers.
While all tower plots in Porto Arabia, the first district of the island to be developed, have sold out, tower plots in Viva Bahriya, the second district of the island, continue to generate wide interest and are virtually sold out. Sale of residential units in Viva Bahriya is expected to be launched soon.
Construction of The Pearl-Qatar has been racing ahead and can be viewed from Doha’s waterfront. The island will be home to some 42,000 residents.
ABOUT THE PEARL-QATAR
The Pearl-Qatar is a multi-billion dollar offshore, Riviera-style man-made island, covering 985 acres of reclaimed land. It is Qatar’s first international real estate venture, one of the largest real estate developments in the country and the first to offer freehold and residential rights to international investors. It will create over 30 kilometers of new coastline.
The Pearl-Qatar’s name and location, on a former pearl diving site, highlights the country’s traditions, and strong historical and cultural ties to the sea. It is an island rediscovered.
The Pearl-Qatar will eventually house 42,000 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 11 distinct districts to be developed over five years. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and more than 2 million square feet of luxury retail, recreation and restaurant space.
Built 350 meters offshore the West Bay Lagoon area of the country’s capital, Doha, the Island will offer an exclusive retreat with easy access to the capital’s thriving community.
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)
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 1.072 billion (US $294 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 also partnered 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 started 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. Production began in June 2006. On May 31, 2006 UDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDC acquired 60% of Millenya's equity.
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.
For more information on United Development Company, visit www.udcqatar.com
