First Qatar Real Estate Development Company (KSCC) Monday signed an agreement with PROJACS International Company and 3D/I Company to become its Project Management Company (PMC) for its four Pearl-Qatar sites.
The QR32 million, 5 years agreement was signed at Global Investment House "Global" headquarters –Lead manager to First Qatar- by Mr. Abdulaziz Al-Abdulrazzaq, chairman First Qatar, and Dr. Nabil Qadoomi, chairman PROJACS Intl’.
According to the agreement, PROJACS and 3D/I will supervise First Qatar’s four Pearl-Qatar sites estimated to cost KD83 million.
Attendance at the signing ceremony were, in addition to Mr. Al-Abdulrazzaq and Dr. Qadoomi, Mr. Omar M. El-Quqa, Executive Vice President at Global, lead manager to First Qatar.
First Qatar has acquired four plots at Pearl-Qatar with a total cost of almost KD24 million. One plot is in Porto Arabia district -Phase I of the project with a total land area of 5,640sqm. The land is expected to be built as a residential building with 20 floors.
Two plots were acquired in Phase II of the project, in Viva Bahriya district. Each land has an area of 6,000sqm, and is expected to be built as 15-storey residential towers. One plot was secured in Phase IV of the Pearl-Qatar project, in Abraj Quartire district. The total land area is about 15,000sqm and expected to be build as a high-rise residential tower with commercial areas. The tower will compromise 36 stories.
PROJACS International was founded in 1984. it is one of the region’s leading construction managers with completed projects in most of the Middle East and North Africa. Projacs employs over 500 professional staff from 24 different countries, and has a current construction value of projects that exceeds US$3 billion. Projacs has been very active in Qatar and has already completed several landmark projects.
3D/I was founded in 1953 in Texas, USA. it is a leading professional project management organization that provides various services including project management, construction, interior design, architecture, and master planning. 3D/I have provided program management services worldwide on over $20 billion of design and construction services.
Global is a full-fledged investment company incorporated in 1998. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry in Kuwait and the region. Today, Global stock lists on the Kuwait Stock Exchange, Bahrain Stock Exchange, and Dubai Financial Market.
The company has accomplished much since the company’s inception, and has been vigorous in developing the capital markets. Global’s Assets Under Management crossed the KD1.4 billion (USD5 billion) threshold at the end of last August, then reached KD1.7 billion (USD5.9 billion) by the end of September 2005.
Global’s achievements have been recognized on local, regional, and international levels and have been recently awarded “Best Equity House in Kuwait” from Euromoney Magazine, “Gulf Excellence Award” from the Gulf Excellence Company.
© 2005 Al Bawaba (www.albawaba.com)
