14-09-2020
United Development Company announced that it has renewed the credit facilities agreement with the Commercial Bank of Qatar as follows:
• Total value of the Loan: QAR 766 million.
• Purpose: to provide liquidity for the development of Company’s projects.
• Method of settlement: one payment after 3 years.
• No negative impact on the Company’s financial position.
• Contribution to the supply of general credit facilities with no risks.
• No conflict of interests among the parties involved in the transaction.
• No change in the ownership ratios before and after the transaction.