PHOTO
Doha, Qatar: United Development Company (UDC), one of the leading Qatari public shareholding companies and The Commercial Bank Q.S.C. (Commercial Bank), have signed a financing agreement worth QR 730 million, to fund the construction of “Al-Mutahidah Towers”, an ambitious development within the company’s flagship project, The Pearl-Qatar.
The agreement was signed on December 15th, by UDC President & CEO Mr. Ibrahim Al-Othman, and Commercial Bank CEO Mr. Joseph Abraham at the Oyster building.
On this occasion, Ibrahim Al-Othman said: “The signing of this financing agreement is aligned with the company's strategy of supporting its investment projects through adequate funding. I'm extremely delighted with the continuous fruitful cooperation we have with Commercial Bank for its integrated banking services that are beneficial to both parties.”
Al-Othman went on saying: “Our aim is to consistently develop quality products and services that feed into creating a unique living experience to our stakeholders while leveraging The Pearl’s iconic features and market positioning. As such, Al-Mutahidah Towers are considered a key milestone in our journey of delivering real estate excellence, and in building on the successful completion of The Pearl commercial Towers this year. This works to strengthen the company's plans to diversify its investments to meet the growing demands for The Pearl-Qatar project.”
For his part, Mr. Joseph Abraham stated: “Commercial Bank is delighted to finance the construction of the high-quality Al-Mutahidah Towers with a leading Qatari company, and contribute to the funding of this major real estate project providing a large number of premium residential units for a wide range of discerning investors.”
He added: “Our support for UDC stems from our commitment to support the private sector and finance strategic projects that are essential to the development and diversification of the economy in line with the Qatar National Vision 2030.”
This agreement supports UDC's five-year business plan aimed at revitalizing investments in new developments at The Pearl-Qatar while enriching UDC's real estate portfolio of viable investment products as The Pearl continues to be a safe haven for investments.
UDC and Commercial Bank boast a privileged relationship evidenced by the Bank’s continued support for UDC and its flagship project The Pearl-Qatar since its inception, and driven by UDC’s proven ability to fulfill all material and moral obligations. Commercial Bank plays a vital role in Qatar’s economic development through offering a range of personal, business, government, international and investment services.
Al-Mutahidah Towers consist of high-end connected towers offering 480 accommodation units of various dimensions including studios, luxury apartments as well as high-level penthouses and retail stores designed to meet the needs of residents. The towers also boast panoramic seaviews and direct access to the beach, in addition to upscale services and recreational amenities. The project is expected to be completed in the fourth quarter of 2019 while properties will be put up for sale in the coming period.
-Ends-
For more information, please contact:
Marketing & Communications
United Development Company
Tel: +974 4409 5179
Email: communications@udcqatar.com
For more information, please contact:
Ibrahim Al-Emadi
Head of Corporate Communications
Commercial Bank
Tel: +974 4475 4748
Email: ibrahim.alemadi@cbq.qa
About UDC
United Development Company (UDC) is a leading Qatari shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. Established in 1999, the company was listed on the Qatar Exchange in June 2003.
It is the master developer of the iconic mixed-use man-made Island: The Pearl-Qatar, which offers its residents and visitors the ultimate luxury and lifestyle experience in addition to being a preferred investment destination for residential, commercial and retail/business investors.
UDC’s current portfolio includes: infrastructure, real estate, property management, energy-intensive industries, hydrocarbon downstream manufacturing, maritime related businesses, urban development, utilities and hospitality to name a few. www.udcqatar.com
About Commercial Bank
Commercial Bank has total assets of QAR 123.9 billion as at 30 Sep 2016. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank’s countrywide network includes 31 full service branches and 175 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. A successful diversification strategy has expanded Commercial Bank’s GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of OMR 3.5 billion as at 30 Sep 2016, has 60 conventional branches and 6 Islamic branches in Oman and 1 branch each in Egypt, Abu Dhabi and Dubai. UAB is headquartered in Sharjah, with total assets of AED 22.5 billion as at 30 Sep 2016, and operates 22 branches across the emirates in the UAE. Building on the successful execution of the Bank’s expansion strategy to date, Commercial Bank completed the acquisition of a majority stake in Alternatifbank in Turkey in July 2013.
Commercial Bank enjoys strong credit ratings of (A2) from Moody’s, (A+) from Fitch, and (BBB+) from Standard & Poor’s. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Bank’s Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland. Commercial Bank’s latest bond issuance in June 2014 and June 2016 are listed on the Irish Stock Exchange.
Commercial Bank was awarded “SME Bank of the Year” for 2016 by The Asian Banker based on its wide-ranging achievements over the past three years, specialised team and customer focused products and services for SMEs. Commercial Bank also won the “Best Contact Centre” award at The Gulf Customer Experience Awards 2015 for outstanding customer service. In recognition of its CSR activities benefitting the Qatari community, Commercial Bank was awarded the “Best CSR Report”, at the Corporate Social Responsibility awards ceremony for organisations in Qatar
The Bank is dedicated to supporting Qatar’s community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters reflects the Bank’s promotion of excellence in sports and its keen interest in enhancing Qatar’s international sporting reputation.
www.cbq.qa
About Alternatifbank (ABank)
ABank was established in 1991 and has been listed on the Istanbul Stock Exchange since 1995. Commercial Bank became the majority shareholder in ABank in 2013 holding a 74.24% stake, following the acquisition of ABank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. Anadolu Group remains a significant shareholder retaining 25% of shares in ABank. Currently the Bank owns 75% of ABank shares.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 53 branches in 20 cities. ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. ABank’s main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management.
At 30 Sep 2016, ABank had total assets of TL 14.9 billion, total loans stood at TL 10 billion, customer deposits of TL 6.9 billion and shareholders’ equity of TL 1.1 billion.
http://wwweng.abank.com.tr
© Press Release 2016
