J&P-AVAX SA controls 25% of a Joint Venture with Joannou & Paraskevaides (Overseas) Ltd which signed with UNITED DEVELOPMENT COMPANY (UDC) a contract for the project titled «THE PEARL ? QATAR, Roads and Infrastructure Works», budgeted at $283.3 million (EURO 239 million). The Pearl-Qatar is an artificial island with a surface of 400 hectares developed off the Eastern shore of Qatar, 20 kilometres north of the capital city of Doha. UDC, Qatar?s largest private real estate developer, plans to create the largest and most luxurious tourist destination in the Gulf area on the island. When fully developed, the project will include three five-star hotels with a total capacity of 800 beds, 8,000 luxury villas, houses and apartments, four marinas, schools, shops and restaurants in 10 separate theme districts, housing a total of 40,000 people. The signed contract covers all infrastructure works for the island, including all road works, bridges, footbridges, flyovers and underpasses, street lighting and sign-posting, sewerage and fresh water networks, and civil works for telecommunications. The project is due for completion in 970 days.