Qatar Real Estate News
UDC aims $3bn worth projects in MENA region
The United Development Company (UDC), the company behind the a pearl-shaped island project in Qatar, revealed that it expects its fourth quarter profit to be as good as that of the third quarter, during its talks about $3bn worth future projects.
Qatar is the least affected by the global financial crisis, compared to its other Gulf neighbours, as its economy continues to grow from the revenues generated from oil and gas projects.
The project prices in Qatar had dropped by about 30 percent during the first half of the year. However, the economy could grow 7 percent during the current fiscal year and by 16 percent the following year, agreed H.H. the Emir, Sheikh Hamad bin Khalifa Al Thani.
The real estate unit developed by the UDC, namely ‘The Pearl’, is the group’s first entry into property investment. The Pearl has agreed that about 65 percent of its project, covering 4million square meters has already been put onto the market and 90 percent of this has been sold.
Majority of the apartment units were purchased by foreign investors, while the rest 35 percent will go into the market during the next 18 months.
The Pearl project, one of the several giant infrastructure projects in the Gulf, including the palm shaped islands in Dubai, forms 32km of new coastline and is slated to have about 40,000 residents by 2011.
The company is now eyeing several new projects in the MENA (Middle East North Africa) region, and is actively considering two projects in the ballpark figure of $2bn to $3bn for investment.
Posted on 12/11/2009