The New Year comes with news that an entertainment centre, gym, children’s spa and a string of eateries are going to open in The Pearl-Qatar this year, cementing Qatar’s position as the fastest-emerging luxury tourist destination in the world.
What you need to know about Pearl-Qatar
This is part of an overall strategy to expand the number of dining and recreational options open to the public on the man-made island that spans nearly 4 million metres. According to some sources, the project will cost some $15 billion upon completion.
The news would appear to make economic sense with the island’s developer predicting a four-fold increase in the number of residents by 2018. In addition to about 12,000 residents, the island currently attracts thousands of visitors and tourists.
More than fifty-two different nationalities can claim a stake to buying property on the island and, according to the United Development Company (UDC), the number of investors and buyers is in the thousands.
Pearl-Qatar: what can we expect?
Speaking about the project Ali Saeed Al Maliki, Manager of Media Relations for Pearl-Qatar, said “It will have many restaurants, more lifestyle brands and a unique entertainment centre operational by 2015.
“The Porto Arabia precinct and those of Medina Centrale and Qanat Quartier have been completed. We now have about 12,000 residents on the island and about 200 retailers, including restaurants and a Spinneys market, open and operational. Expected completion dates of all the 10 precincts comprising the land is 2018.”
He continued: “Naturally, growth is expected to continue into 2022, as would investors’ interest in the island.”
What this news means for Qatar
This is a huge, landmark project for the country – particularly as it looks to assert itself in the luxury holiday destinations market. The island already covers some two-hundred retail outlets that cover just about every service and facility you could think of.
Perhaps its greatest appeal lies in the fact something like this has never been done before. One thing’s for certain: we’re all going to hear a lot more about Pearl-Qatar in 2015.
James Swallow is Commercial Director of Middle East based PRO Partner Group. PRO Partner Group specialises in providing foreign investors with a seamless and financially efficient means to setting up a profitable corporate presence in the UAE, Qatar and Oman.