Qatar Insurance Company (QIC) is set to build one of the 31, 20-storey residential towers that surround Porto Arabia, the main marina of The Pearl-Qatar…
Qatar Insurance Company (QIC) is set to build one of the 31, 20-storey residential towers that surround Porto Arabia, the main marina of The Pearl-Qatar, the US $2.5 billion island being reclaimed offshore the Qatari capital, Doha.
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 & 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 and the 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 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 – conceived to reflect The Pearl-Qatar`s Riviera Arabia positioning. It will have a distinct Northern Italian theme with broad balconies inviting stunning views over La Croisette, the lively 2.5 kilometre 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 4-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.
QIC`s investment activities include a diversified international portfolio as well as investments in regional and local companies, providing products and services for industry and the local community.
Photo: From Left: Omar Alfardan, Khalil Al Sholy, Sheikh Hamad and Khalifa A. Al Subaey
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
