United Development Company (UDC), owner and developer of The Pearl-Qatar, the US $2.5 billion offshore island, has confirmed its attendance at the MAPIC show, the international market for real estate development in Cannes, France from November 16 to 18.
MAPIC is the leading market event for the expanding industry of international retail real estate. It attracts global key players, and provides a platform for companies to showcase new concepts and developments as well as discover new trends worldwide.
The Pearl-Qatar’s 76 square metre stand, with an additional 40 square metres of terrace space, will house a top level delegation headed by Omar Alfardan, UDC Board Member and Khalil Sholy, UDC Managing Director. The Pearl-Qatar will present retail leasing opportunities to attract international brands into the Island's shopping haven of Porto Arabia.
Commented Khalil Sholy: “This is UDC’s first year at MAPIC and we are very excited about the prospects to showcase the retail developments in Porto Arabia. Our recent agreements with major international groups has boosted awareness of the investment potential for retailers at The Pearl-Qatar and we hope to build upon this by raising awareness at the show. We’re confident that we will build valuable relationships with major global retailers throughout the show’s duration”
More than 6,500 participants are expected to attend the show, which attracts massive media interest and participation from 70 countries worldwide.
The Pearl-Qatar is a US $2.5 billion offshore, Riviera-style man-made island, covering 985 acres of reclaimed land. It 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 kilometers 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 four-phase development comprises 10 distinct districts to be developed over five years, with the first investors expected to take up residency in early 2007. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 700 boats, and more than 1.6 million square feet of luxury retail, recreation and restaurant space.
The Pearl-Qatar is being built 350 meters offshore the West Bay Lagoon area of the country’s capital, Doha. While offering an exclusive retreat, the island will also be closely integrated with, and have 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.
© 2005 Al Bawaba (www.albawaba.com)
