(MENAFN- Gulf Times)
United Development Company (UDC), the master developer of The Pearl and Gewan islands, announced that nearly 90mn vehicles entered The Pearl Island since 2016. According to 2021 figures, this constitutes a 77% increase compared to vehicle influx in 2016. UDC is expecting to receive a significant 19mn vehicles by the end of 2022 based on current traffic data.
The number of vehicles is tracked through technologically advanced monitoring devices installed at the entrance of The Pearl Island. These devices registered an average 12% annual increase in vehicle influx over the past six years, covering visitors, tourists, residents, and employees.
The latest traffic data showed that from January to May 2022 alone, 8mn vehicles entered The Pearl Island compared to full-year figures of 9mn vehicles in 2016. The numbers are still expected to increase even more in the second half of 2022 with an even more promising ending by Q4 following the much-awaited 2022 FIFA World Cup.
The significant increase in resident and visitor influx to the island has also contributed to an increase in retail activity, evidenced by the subsequent rise in the demand for leasing of shops and restaurants where 360 varied retail and F&B brands are currently operational across the three main retail hubs in Porto Arabia, Medina Centrale, and Qanat Quartier.
The Pearl Island has equally launched various residential projects since 2016, leading to the achievement of the highest residential occupancy level of all time with a total of 52,000 residents. In this regard, the residential occupancy rate of UDC's rented properties has now reached 93%, which reflects the island's leading position as a popular residence, retail, and leisure destination.
With more residential and commercial projects in the pipeline, offering an estimated 5,700 residential units and serviced apartments, in addition to United School International and The Pearl International Hospital, as well as various hotel guestrooms, conference facilities, elegant ballrooms, shopping malls, and retail and dining experiences, visitor influx into The Pearl Island is projected to continue growing at a progressive rate annually.
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