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.