MEED Conference hears how The Pearl-Qatar will Deliver Socio-Economic Benefits

Delegates at the ‘Third Major New Project Opportunities In Qatar’ yesterday heard how The Pearl-Qatar, the US $2.5 billion island being reclaimed off the coast of the Qatari capital, will deliver numerous socio-economic benefits to the country and its population.

Addressing the conference being held at the Intercontinental Hotel Doha, Nick Bashkiroff, Development Director for The Pearl-Qatar, said investors and local communities now expected developers to deliver social responsibility along with their projects.

“Certainly The Pearl-Qatar is a commercial enterprise – a ground-floor opportunity to get into Qatar’s newly emerging international real estate market – but it will also have numerous socio-economic benefits for this country,” said Bashkiroff.

Among the benefits to be delivered, said Bashkiroff, is a significant boost to the local economy through spending by the labour force and local material purchases during construction of the island, which is due for completion in 2009.

“Over 22,000 people are expected to work on this project,” he said. “We estimate they will inject some 600 million Riyals into the local economy with spending on food, clothing and incidentals.”

Job creation will also boost the economy, he said. “There will be great employment opportunities in the three hotels, the many boutiques, restaurants, leisure and spa facilities. In all, around 3,500 jobs will be created to serve these facilities.”

Other benefits outlined included: improved water flow through the West Bay Lagoon through the design of the eight kilometre Grand Cruz causeway which will link The Pearl-Qatar with the mainland; the provision of an increased diversity of housing styles, many of which are not currently available in Qatar; the creation of new environments and experiences to the region such as international yachting facilities and an enhanced aesthetic appeal for Doha through the creation of the lushly landscaped island.

But the benefits, said Bashkiroff, go far beyond the economic and physical and also touch the international profile of Qatar.

“The island will be an iconic development which will enhance the global image of Doha and Qatar as a premier residential, shopping and tourist destination,” he said.

And the Development Director said that in the final analysis, one of The Pearl-Qatar’s key achievements would be that it will meet three of the Qatari Government’s five prime objectives for economic development.

“These are increased economic diversification, the promotion of private investment and an enhancement of the cultural and educational experiences of Qatar,” he explained.

Bashkiroff said that though The Pearl-Qatar is a new real estate project – the first to offer freehold opportunities to overseas investors – it very much reflects the cultural heritage.

“We are not just developing culture; we are helping its revival. In reality we are reclaiming a former pearl diving site – hence the island’s name – and we are leveraging the country’s strong cultural ties with the sea. This is an island not made, but rediscovered,” said Bashkiroff.

“The very name, The Pearl-Qatar, pays homage to the previous mainstay of the local economy – pearl fishing. Although pearling is no longer a key economic driver, it has left a legacy of skills, stories, music, art and poetry that is a source of identity and pride for Qataris today.”

However, Bashkiroff said that The Pearl-Qatar was aiding an evolution of the local culture through the island’s concept, brand essence and design.

“We are creating the Riviera Arabia – taking the very best of the Mediterranean and evolving it with an Arabian influence right here in the Gulf,” he said.

Bashkiroff said the brand essence of the Riviera Arabia was differentiating The Pearl-Qatar from other mega projects in the region and had been well received by buyers.

“Our positioning and commitment to world-class quality has resonated with the international investment community to whom we are providing the most glamorous address in the Persian Gulf,” he said.

Bashkiroff spoke of the substantial local, regional and international interest in the first towers released for sale along the island’s main marina which were completely sold out shortly after release, and in the project’s first luxury villa phase – La Plage West.

“All now bodes well for the marketing of our second villa phase, which will consist of an additional 50 plots and for the next release of towers around Porto Arabia. Both should come on line this month,” he concluded.

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