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Satyendra Pathak
Doha
United Development Company (UDC) will go ahead with all current and new construction projects to further develop its flagship project ” The Pearl-Qatar, the company's chief executive officer has said.
UDC President and CEO Ibrahim Jassim al Othman told Qatar Tribune all current and upcoming projects would be completed as per schedule as the company had enough material resources to tide over the Gulf diplomatic row.
The siege imposed on Qatar by neighbouring countries has had little impact on ongoing projects, Othman said, adding that the company has full support of the government to complete all projects linked to The Pearl Qatar on time.
The Pearl-Qatar is a"visionary project" for local and regional property investors, he said, adding that the company would continue to make investments in new infrastructure developments at the man-made island.
Othman said there was no dearth of funds as local banks were in a strong position to partner with the company on various projects.
The developer behind The Pearl-Qatar secured financing of up to QR730 million to fund the construction of two towers on the man-made island last year.
"We will continue to go ahead with UDC's five-year business plan aimed at revitalising investments in new infrastructure developments at The Pearl-Qatar," he said.
All projects seeking to modernise and expand road network are on track, he said, adding that the work to establish a hospital and a school for residents was also under process.
The Pearl-Qatar continues to be a safe haven for lucrative investments for local and regional investors, he said.
"Once fully completed, by the fourth quarter of 2019, the island will house as many as 60,000 residents," he said.
Othman said the outlook for real estate sector in Qatar was quite bright and the company would continue to invest in new projects at The Pearl -Qatar.
