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Tue 22 Apr 2014 11:03 AM

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Qatar's United Development says selling $398m of land

Developer behind The Pearl manmade residential complex to sell 47 plots in the area

Qatar's United Development says selling $398m of land

Qatar's United Development Co, a real estate company developing The Pearl residential complex on an artificial island in Doha, said it had agreed to sell 47 plots of land in the area for QAR1.45bn ($398m).

The land, totalling about 103,000 square metres, will be sold to an unnamed "strategic partner" and transferred later this year, United Development said in a brief statement on Tuesday without elaborating.

The master developer, which reported a net profit of QAR577.9m in the third quarter of 2013, an increase of 7.5 percent, said in a statement in November it had hired Badr Al Meer to succeed Ebrahim M Al Sulaiti as CEO. Al Meer had previously held senior position at the new Hamad International Airport and Qatar Airways.

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