Construction continues around-the-clock as Qatar's first international real estate venture opens boardwalk to the public (Shabina S. Khatri)
In researching past coverage of the Pearl, I noticed that local newspapers had done little in the way of true updates. Instead, they dutifully reprinted press releases, not questioning why the date that the Pearl was supposed to open kept getting pushed back.
The $2.5 billion real estate project is a daunting undertaking, one that will be beautiful when completed, but, as I write in this article, one that has also encountered many hurdles along the way.
Publishing this piece didn’t win me any popularity points with the Pearl’s management, but investors deserve to know the whole story, not just what the property developers choose to tell them.
Delays Dampen Pearl’s Luster
By SHABINA S. KHATRI
Construction delays have pushed the expected completion date back more than three years, from 2009 to 2012. And although the first of its estimated 40,000 residents were supposed to start moving in by late 2007, the island still has no inhabitants.
The effects of the global economic crisis have also hit home, slowing the tide of money that had been pouring into the project.
“Business is OK. It was better before,” Chafic Chalabi, a member of the Pearl’s sales team, concedes…
For the full article, please visit Qatar Visitor.
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