The Gulf News, Dubai, recently reported Qatar's United Development Co (UDC) April 5 launch of a project to develop a manmade island off the Qatar coast. The project will be the first to offer freehold ownership for all nationalities looking to invest in the Gulf State's property market.
Gulf News reports that "Investment in the ‘Pearl of the Gulf' project is estimated to be around $2.5 billion. It will cover 400 hectares off the coast of Doha. The island infrastructure should be ready within 20 months. The ‘Pearl of the Gulf' will eventually involve the creation of a residential and commercial community or around 30,000 people."
...."With this project, Qatar joins Dubai, Bahrain and Oman in opening up its property sector. Oman is currently working on laws that will extend freehold rights to all nationalities. In April last year UDC and the Qatari Government entered an agreement under which it would be able to offer freehold status to investments brought in by any nationality into the Pearl of the Gulf.
With the revenues streaming in from its energy sector, the Qatari economy has emerged as one of the powerhouses in the Middle East. Foreign investor interest in the economy is also on the rise, and ‘Pearl of the Gulf' will definitely look to tapping into that."
SGS carried out extensive market research, prepared a design development brief and completed a financial feasibility analysis for the Pearl of the Gulf project. SGS was sub-consultant to the US company Parsons International (engineering), which managed the project. Other members of the team included architects (Callisons, Seattle) and marketing and promotion (Leo Burnett, Dubai).
Qatar firm unveils manmade island
UDC project offers freehold ownership
Gulf News 6 April 2004
By Manoj Nair, Staff reporter
Dubai Qatar's United Development Co (UDC) yesterday launched a project to develop a manmade island off its coast, which will be the first to offer freehold ownership for all nationalities looking to invest in the Gulf State's property market.
Investment in the 'Pearl of the Gulf' project - the groundbreaking was held yesterday - is estimated to be around $2.5 billion.
It will cover 400 hectares off the coast of Doha. The island infrastructure should be ready within 20 months. The 'Pearl of the Gulf' will eventually involve the creation of a residential and commercial community or around 30,000 people.
On the financing model for the project, Khalil Sholy, managing director of UDC, said:"the $2.5 billion is an educated estimate. We have already received a number of offers from local and international banks to participate in the financing. We have found the proposals encouraging."
Financing scheme.
"In two months, we will be announcing the scheme that will help us finance the Pearl of the Gulf". A new operating company to oversee the project will also be announced shortly. With this project, Qatar joins Dubai, Bahrain and Oman in opening up its property sector.
Oman is currently working on laws that will extend freehold rights to all nationalities. In April last year UDC and the Qatari Government entered an agreement under which it would be able to offer freehold status to investments brought in by any nationality into the Pearl of the Gulf.
With the revenues streaming in from its energy sector, the Qatari economy has emerged as one of the powerhouses in the Middle East. Foreign investor interest in the economy is also on the rise, and 'Pearl of the Gulf' will definitely look to tapping into that.
The island's shape incorporates three large bays with the aim of maximizing the water and beach frontage. It is conceived as comprising 10 precincts, each with its own themed architecture that maintains a harmony with neighbouring precincts and Doha. Residential development on the island will include a variety of low-rise exclusive villas and stylish town houses, plus upscale apartments and luxury penthouses situated in high rise buildings. Facilities will include retail shopping areas, restaurants, at least three themed luxury hotels, entertainment and recreational facilities, marinas, schools, community centres and parks.