Doha 21 March 2018
A QR 3.0 billion cost of new Island city, spread over an area of 300,000 square meters, adjacent to The Pearl Qatar is expected to launch by end of next month (April) and to be completed by 2021 end.
Turki bin Mohammed AlKhater, Chairman , United Development Company (UDC) announced today at company’s Ordinary and Extraordinary General Assembly meeting that UDC was set to develop a new island city near The Pearl Qatar. He told that QR 2.5 billion from allocated amount of QR 5.5 billion for it’s five year (2018-2022) expenditure plan to develop major new projects will be spent on the new island.
Later, at the end of the General Assembly meeting, Ibrahim Jassim Al Othman, UDC President and CEO told that QR 500,000 from QR 3.0 billion cost of the new city will be met from investors, both local and abroad. On a question on funding from banks, AlOthman said that local banks are very much in position to support to the project.
On a question by asiantelegraphqatar.com, AlOthman told that name of the new city will be announced on it’s launching day, i.e., by end of April. UDC President and CEO told while talking to media that the new island will have some thing unique and different architectural design. there will be beachfront and waterfront villas of different categories and independent islets, a green park, an aquarium-style water park, an air-conditioned outdoor boardwalk, etc.
AlOthman told that design work of the new island city is in progress and project will start in July this year. On a question, he said that island will have a capacity to accommodate around 6,000 inhabitants.
On the on-going projects on The Pearl Qatar City, AlOthman said that key developments include Al Mutahidah Towers, Giardino Village and Floresta Gardens. On a question, he said that work to build int’l school and hospital on Pearl Qatar is also expected to start this year.