United Development Co Renews Credit Facilities worth QAR 766 MM with Commercial Bank of Qatar

14-09-2020


United Development Company ‘UDC’ announced that it has renewed the credit facilities agreement with the Commercial Bank of Qatar as follows:

•    Purpose: To develop UDC’s residential towers in the Pearl Qatar
•    Total value of the Loan: QAR 730 million.
•    Method of settlement: installments over 10 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.


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