The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country, signed a two-plot deal with Qatar Coral for the construction of two residential towers in the Viva Bahriya district of the island.
Officials from United Development Company (UDC), owner and developer of The Pearl-Qatar and one of Qatar’s leading private shareholding companies, along with executives from Qatar Coral, took part in the signing ceremony on Tuesday.
“We are very proud to be partnering with Qatar Coral and are keen to do more projects with them as we welcome this signing as the first of a long-lasting relationship,” said Walid Saadi, Chief Executive Officer of UDC.
Qatar Coral officials said they were excited to be taking part in the development of The Pearl-Qatar and expressed deep confidence in working with UDC and the vast potential that the state of Qatar offers.
“We believe in this project. We believe in this country. And we believe in this future. This is something we are proud to be a part of and we look forward to a long and meaningful relationship,” said Lebanese former Minister of Information Anwar El-Khalil, a Qatar Coral partner and a Member of Parliament in Lebanon.
Qatar Coral is an affiliate company of Atlantic Capital, a Doha-based investment consultancy firm. Its three main partners, considered among the most successful business leaders in the Middle East, include Lebanese MP and former Information Minister Anwar El Khalil, Abdulla Al-Jufairi, and Assem Al-Sheikh.
“Our company has been very impressed with the concept, design and construction of The Pearl-Qatar. We are excited to be partnering with them and look forward to future investments,” said Abdulla al-Jufairi, Chairman of Qatar Coral.
The Pearl-Qatar development was the only Qatari project to be awarded a top prize at the Arabian Property Awards, part of the International Property Awards programme.
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 the process 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 kilometre 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 projectsin 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.