The Pearl-Qatar signs a multi-million QR deal with Retaj for Qanat Quartier

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The Pearl-QatarThe Pearl-Qatar has once again defied world trends by signing a QR550 million ($150 million) deal with a leading property company for the sale of a precinct in the Island's Qanat Quartier.

UDC and Retaj Marketing and Project Management signed a contract for the purchase of the QQ3 quarter in Qanat Quartier at the Oyster on The Pearl-QatarThe Pearl-Qatar yesterday.

The contract was signed by Abdul Latif Almahmoud, Retaj chairman, and Khalil Al Sholy, managing director and president of United Development Company, for The Pearl-QatarThe Pearl-Qatar .

The QQ3 quarter at Qanat Quartier contains 152 apartments and 25 town houses as well as a central retail area.

"We are very pleased to be part of a signing ceremony that further demonstrates that Qatar continues to be the center of attention and a safe haven for investors and people alike," said Mr Al Sholy.

"This is a further demonstration of the confidence investors have in Qatar's economy and UDC's flagship project The Pearl-Qatar."

Also present was Abdul Rahman Alnajar, CEO of Retaj, who expressed his complete confidence in the Qatari leadership's ability to deal with the present economic crisis.

He said that he was enthusiastic for the marketing of one of the most prestigious precincts which "reflects the charming image of the city of Venice.

"It seems as if it is coming from a beautiful time and a different land to spread its romantic essence across the place. The Pearl-QatarThe Pearl-Qatar reflects the best of Venice with its beautiful buildings, canals and piazzas."

At the launching of the Qanat Quartier in January this year all of the properties on sale were snapped up within an hour - for a total value of QR1.5 billion.

http://www.zawya.com/Story.cfm/sidZAWYA20081129092347/The%20Pearl-Qatar%2C%20Retaj%20Sign%20%24150M%20Deal