Pearl-Qatar project developer chief resigns
That's quite surprising... but personally I believe it's something linked with the new investor (funder) that bought a large share in UDC, in addition to the alcohol ban ....
Pearl-Qatar project developer chief resigns
Posted by Qatar is BooMING on Jan 14, 2012 in Projects & Real Estate | 0 comments
The president and managing director of Qatar’s United Development Co – the developer behind the Gulf state’s flagship Pearl project – has resigned.
The move comes just days after Arabian Business revealed restaurants and bars on the Pearl development have seen revenues slump by more than 50 percent in the wake of a new ruling banning the sale of alcohol to customers. The resignation was effective immediately, although Khalil Sholy will retain his powers for another three months to assist the board of directors in hiring a replacement, according to a company statement to the Qatar bourse.
The developer of the man-made Pearl Island project had announced at the end of December that it was in talks with a state pension fund about a strategic investment worth QR160m ($44m).
http://www.qatarisbooming.com/2012/01/14/pearl-qatar-project-developer-c...
I think he bite too much then he could chew.
There is always bad & good reasons for resignation.
grease?
the "lebanese" must mourning ;)
ah, the pearl..........
well, well let's see how this develops....