United Development Company signs agreement with QNB, The Commercial Bank to finance the development of Gewan Island

Al-Othman: “The agreement with QNB and The Commercial Bank lays solid foundations in terms of supporting UDC's expansion plans

  
United Development Company signs agreement with QNB, The Commercial Bank to finance the development of Gewan Island
  • Al-Othman: “The agreement with QNB and The 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”.

Doha, Qatar : United Development Company (UDC), a leading Qatari shareholding company and the master developer of The Pearl-Qatar and Gewan Islands, has signed an agreement with QNB and The Commercial Bank (P.S.Q.C.) to finance the development of Gewan Island project with a credit ceiling of QR 1.250 billion.

The signing of this agreement comes within the framework of UDC’s development plans for Gewan Island, the firm’s latest major real estate investment project.

Mr. Ibrahim Jassim Al-Othman, UDC President and Chief Executive Officer and Member of The Board, Mr. Abdullah Mubarak Al Khalifa, Acting Group Chief Executive Officer of QNB and Mr. Joseph Abraham, Group Chief Executive Officer of The Commercial Bank (P.S.Q.C.), co-signed the agreement during a ceremony held at the Oyster Building at The Pearl-Qatar, in the presence of representatives from all parties.

Commenting on this occasion, Mr. Ibrahim Jassim Al-Othman, UDC President and Chief Executive Officer and Member of The Board, highlighted that the total investment value in Gewan Island amounts to approximately QR 3 billion.

Mr. Al-Othman added: “The agreement with QNB and The 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”.

For his part, Mr. Abdullah Mubarak Al-Khalifa, Acting Group Chief Executive Officer of QNB said: “We are proud to be part of such a distinguished partnership with UDC. This agreement represents a successful model of a strategic alliance within the framework of developing and strengthening the national economy. We hope 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”.

Mr. Joseph Abraham, Group Chief Executive Officer of The Commercial Bank (P.S.Q.C.), on the other hand, said: “UDC is a premier developer of long-term projects to the highest of standards that position Qatar as an international real estate destination. We value our relationship built with UDC over the years and are delighted to collaborate with QNB to provide solutions for our clients. Being one of the lead banks for financing Gewan Island reflects our strong commitment to the economic development of the State of Qatar, and we are confident this distinguished and iconic project will have a very positive impact on the local economy by creating another attractive destination for residents, visitors and investors”.

Gewan Island, UDC’s latest real estate project next to The Pearl-Qatar Island, will span 400,000 sqm.

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 villas are standalone villas), 26 beachfront villas, 6 island villas, in addition to 11,000 sqm of retail space and a number of multiuse buildings.

The Island, which derives its name from the full-round, pink-tinted and perfectly shaped pearl from Qatar’s marine heritage, will support a mix of property types, catering for different accommodation and investment needs.

The Island will offer its residents a comprehensive living space merging entertainment and retail outlets with smart technologies. It is expected to attract a warm, welcoming and youthful community seeking an urbane and vibrant lifestyle.

The Island will include a golf course, an air-conditioned outdoor Crystal Walkway which acts like the Island’s spine, green parks and which will attract new brands to Doha. The Island will also be home to entertainment facilities, a sports club and a mosque.

The Island’s design incorporates a number of sustainability features to reduce the use of vehicles and encourage walking and biking through dedicated pedestrian and cycling networks in addition to roads connecting the Island to the public transportation network.

The Island is also designed to reduce urban heat by incorporating green roofs, shading, and reflective surfaces, where applicable.

UDC, the master developer of The Pearl-Qatar and Gewan Islands, is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime and hospitality related businesses.

-Ends-

© Press Release 2019

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