Sunday, Jun 16, 2013
(This story was originally published on Thursday.)
BEIRUT--Qatar's United Development Co. (UDCD.DO) said Thursday that it will borrow 1.56 billion Qatari riyals ($428.4 million) from Qatar National Bank in order to finance purchases of local real-estate.
UDC, the master developer of the Pearl-Qatar real-estate project, said in a statement that it intends to sign a loan agreement facility with QNB in order to fund the purchase of the remaining residential units at the Qanat Quartier.
The Qanat Quartier is located in the Pearl-Qatar development, and the residential units will be bought from the Pearl-Qatar real-estate shariah-compliant fund, according to the statement.
UDC, which was the fund's sponsor and development manager, in 2008 raised about $600 million from institutional and private investors through the fund. The proceeds were exclusively earmarked to finance the Qanat Quartier project, according to a statement released by UDC in 2008 and posted on its website.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
16-06-13 0344GMT
