Prime Minister of Qatar Sheikh Abdullah Bin Khalifa Al-Thani, Prime Minister of Qatar, officially inaugurated the state's largest real estate project, the Pearl of the Gulf, on April 5.
The Prime Minister marked the start of construction work by ordering dredgers to begin reclaiming land at a ground-breaking ceremony attended by Ministers, ambassadors and business leaders.
The Pearl of the Gulf is the brain-child of the United Development Company (UDC), and is both Qatar's largest real-estate project and the state's first development to offer freehold and residential rights to the international community. It will eventually cover 400 hectares of reclaimed land and house some 30,000 people in a multi-cultural residential and commercial community.
Ten districts will be developed over the next five years with the first residents due to take up ownership in September 2006. These themed districts will house three luxury hotels, four marinas providing mooring for over 700 boats and 60,000 square meters of retail and restaurant space.
UDC is Qatar's largest private shareholding company, which was founded in 1999 and is now listed on the Qatar Securities Market. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
