QIC to build 20-storey tower on Pearl-Qatar

The residential tower is one of 31 towers that will surround the main marina of Porto Arabia

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By  Conrad Egbert Published  May 21, 2005

Qatar Insurance Company (QIC) will build one of the 31, 20-storey residential towers that surround Porto Arabia, the main marina of The Pearl-Qatar. QIC has bought one plot in the fourth and final release of tower properties, and will develop the 150-apartment tower in accordance with guidelines set down by the island’s developer and promoter, United Development Company (UDC). The deal was signed at QIC’s headquarters in West Bay, Doha, by Sheikh Hamad Bin Faisal Al Thani, member of the board and QIC Investment committee member, and Khalil Al Sholy, managing director and member of the board, UDC. Khalifa A. Al Subaey, general manager, QIC and Omar Alfardan, member of the board, UDC, were also present at the signing that saw the first local insurance company buy property on Qatar’s largest real estate development. It is also first in the GCC to offer residents true freehold status. “The overwhelming sales response to date shows how The Pearl-Qatar has captured investors’ imaginations, and its unique positioning makes it an attractive investment opportunity for QIC,” said Sheikh Hamad. “The Pearl-Qatar is an important project for the continuous development of Qatar, and it represents a unique investment opportunity for QIC in order to maximise its resources and diversify its investment portfolio. “This deal reflects QIC’s commitment to developing new projects and highlights the important role and initiatives of local companies in supporting Qatar’s development,” he added. The Tuscan-style tower, to be constructed by QIC, is one of six architectural styles — Monaco, Tuscan, Provencal, Florentine, Catalan and Andalusian — which have been conceived to reflect The Pearl-Qatar’s Riviera Arabia positioning. It will have a distinct Northern Italian theme with broad balconies over La Croisette, the 2.5 km-long shopping and retail hub which surrounds Porto Arabia. The tower will also feature a five-star lobby, state-of-the-art health club, swimming pool and four-floor parking facility. “QIC’s excellent credentials as one of the Gulf’s largest insurers and a company committed to local and regional development makes it the ideal partner for The Pearl-Qatar,” said Hussein Alfardan, chairman, UDC. “We will be working closely together to deliver the highest-quality facilities and services in keeping with the project’s iconic status,” he said.

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