The Pearl-Qatar receives a high-calibre delegation from Spain

United Development Company (UDC), owner and developer of The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country and Ronautica Middle East, The Pearl-Qatar’s marina operating company, hosted today a top government delegation from Spain, UDC officials said.

The visit was headed by Mr. Joan Clos, Spanish Minister of Industry, Commerce and Tourism, and Mr. Rafael Matos, Spanish Ambassador in Qatar, with the aim of viewing the progress in the three marinas at The Pearl Qatar, and to study the promising investment opportunities provided by the project.

Ronáutica Middle East was established in March 2007 as a Joint venture between UDC and the Spanish company, Ronautica, S.A, with the purpose of managing and operating first-class marinas in the Middle East.

The three marinas at The Pearl-Qatar are the showcase for the company in the region, and the delegation's visit is a gesture of support for the Spanish Marina company, and strengthening economical ties between Spain and the State of Qatar.

"We have heard a lot about The Pearl-Qatar in the international media, but standing here at the Islands' site, and seeing the quality, scope and sheer magnitude of the development, we are more than amazed by what was accomplished so far," said the minister.

"The progress Ronáutica is making in the three marinas is outstanding, and we believe that this project will be a great example of the level of services Ronáutica will be able to provide in this sector, and the level of growth the company will accomplish in the region," he added.

Ronáutica Middle East will manage the hire and maintenance of the berths. It will also offer complementary leisure services for its clients. Those services will include a sailing school, yacht sales, yacht charters, sight-seeing tours and boat shows. “It is our mission to bring the sea closer to the people and our marinas at The Pearl are designed to make that happen” said Jaume Marcó, General Manager of Ronautica Middle East.

"We are genuinely proud to receive the Spanish delegation at The Pearl-Qatar, and we are fully confident that Ronáutica will play a major role in providing excellent marina services at the Island, while contributing to the overall advancement of the whole project," said Rabih El Khoury, Sales Manager at The Pearl-Qatar.

"The impressions we saw on the faces of our guests during this visit were encouraging, and The Pearl-Qatar has proved again that it will definitely be an icon in the Qatari economy, and the kind of place people will look forward to visit from all over the world," Ronautica Middle East’s Sales Manager Ramon Montllor added.

The Pearl-Qatar is the largest island in Qatar’s waters. During the two-year land reclamation process, four million square meters of new land were created with a 32-kilometer shoreline, three coves, and navigable canals in addition to numerous other features.

A jewel in the Arabian Gulf, The Pearl-Qatar is the country’s first international real estate venture, and will be home to approximately 40,000 residents in more than 15,000 dwellings within 12 inspiring precincts by 2010.

ABOUT THE PEARL-QATAR

The Pearl-Qatar is a multi-billion dollar offshore, Riviera-style man-made island, covering 985 acres of reclaimed land. It is Qatar’s first international real estate venture, one of the largest real estate developments in the country and the first to offer freehold and residential rights to international investors. It will create over 32 kilometres of new coastline.

The Pearl-Qatar will eventually house 40,000 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 12 distinct districts to be developed over five years. The Riviera Arabia themed districts will house three luxury hotels, three marinas, with combined mooring for over 800 boats, and more than 2 million square feet of luxury retail, recreation and restaurant space.

Built 350 meters offshore the West Bay Lagoon area of the country’s capital, Doha, the Island will offer an exclusive retreat with 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.

ABOUT UNITED DEVELOPMENT COMPANY (UDC)

United Development Company (UDC) is one of the country’s leading public shareholding companies. UDC’s mission is to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. The company was established in 1999 and has an authorized share capital of QR 1.072 billion (US $294 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.

UDC’s target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company (QDC), a joint venture with the State of Qatar and Belgium’s Dredging, Environmental & Marine Engineering NV, and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC also partnered with Seef Limited, a joint venture with Qatar Petroleum, to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant started operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Gulf Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.

In November 2005, United Development Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDC (32%) and BESIX NV (49%). The remaining shares were acquired by local Qatari investors. Production began in June 2006. On May 31, 2006 UDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDC acquired 60% of Millenya's equity.
United Development Company’s latest business partnership was signed on November 28, 2006 when the company concluded a joint venture agreement with Spain’s Ronautica S.A. The agreement will see the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC will hold a 60 percent stake while Ronautica S.A. will hold the remaining 40 percent in the new firm.
UDC’s founders, who at launch held 45% of the shares, are among Qatar’s most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC.

ABOUT RONAUTICA MIDDLE EAST LLC
Ronáutica Middle East was created in March 2007 as a partnership between the United Development Company (UDC) and the Spanish company, Ronautica, S.A, with the purpose of managing and operating first-class marinas in The Middle East. The marinas at The Pearl-Qatar are the showcase for the company in this region.
Ronáutica Middle East will manage the hire and maintenance of the berths. It will also offer complementary leisure services for its clients. These services will include a sailing school, yacht sales, yacht charters, sight-seeing tours and boat shows.
This newly created company, building on Ronáutica's great experience as a marina operator, offers The Pearl's clients a range of premier services, all seamlessly integrated into the exclusive luxury environment.

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