UDC signs
agreement with QNB, Commercial Bank to finance Gewan Island
development
July 24, 2019
United
Development Company (UDC) has signed an agreement with QNB and
Commercial Bank to finance the development of Gewan Island
project with a credit ceiling of QR1.25bn.
The signing
of the agreement comes within the framework of UDC’s development
plans for Gewan Island, the firm’s latest major real estate
investment project.
UDC
president and CEO Ibrahim Jassim al-Othman signed the agreements
with QNB acting Group CEO Abdullah Mubarak al-Khalifa and
Commercial Bank Group CEO Joseph Abraham during a ceremony held
at the Oyster Building at The Pearl-Qatar in the presence of
representatives from all parties.
Al-Othman,
who is also member of the board, highlighted that the total
investment value in Gewan Island amounts to approximately QAR 3
billion. He said the agreement with QNB and Commercial Bank lays
solid foundations in terms of supporting UDC’s expansion plans
and developing its operations base through investments in real
estate development projects. In addition, the agreement falls in
line with UDC’s efforts to provide superior real estate products
in the local market and to meet the needs of investors and
residents alike, al-Othman added.
QNB CEO Mr.
Al-Khalifa expressed his pride to be part of such a
distinguished partnership with UDC, and said that this agreement
represents a successful model of a strategic alliance within the
framework of developing and strengthening the national economy.
He hoped that this agreement will support UDC’s objectives in
financing its expansion plans in the field of real estate
development as well as QNB’s directions that aim at
fully-supporting the local tourism and country image.
On his part
Mr. Joseph Abraham, Commercial Bank CEO said that UDC is a
premier developer of long-term projects to the highest of
standards that position Qatar as an international real estate
destination. Abraham said that Commercial Bank values the
relationship built with UDC over the years.
Gewan
Island, UDC’s latest real estate project next to The Pearl-Qatar
Island, will span 400,000 square meters. Once completed, the
island will accommodate 3,500 residents and 3,000 daily
visitors, and will be home to 712 units, including 639
apartments, 41 waterfront villas (out of which 20 are standalone
villas), 26 beachfront villas, six island villas, in addition to
11,000 square meters of retail space and a number of multiuse
buildings.
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