United Development Company Signs Agreement with QNB and The Commercial Bank to Finance Development of Gewan Island

Doha, July 24 (QNA) - United Development Company (UDC), has signed today 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 UDCs development plans for Gewan Island, the firms latest major real estate investment project. UDC President and Chief Executive Officer and Member of The Board Ibrahim Jassim Al Othman, Acting Group Chief Executive Officer of QNB Abdullah Mubarak Al Khalifa, and Group Chief Executive Officer of The Commercial Bank (P.S.Q.C.) Joseph Abraham, co-signed the agreement during a ceremony held in the presence of representatives from all parties. Commenting on this occasion, UDC President and Chief Executive Officer and Member of The Board Ibrahim Jassim Al-Othman, highlighted that the total investment value in Gewan Island amounts to approximately QR 3 billion. 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 UDCs efforts to provide superior real estate products in the local market and to meet the needs of investors and residents alike" For his part, Acting Group Chief Executive Officer of QNB Abdullah Mubarak Al Khalifa 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 UDCs objectives in financing its expansion plans in the field of real estate development as well as QNBs directions that aim at fully supporting the local tourism and country image". The Group Chief Executive Officer of The Commercial Bank (P.S.Q.C.) Joseph Abraham, 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, UDCs 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 Qatars 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 Islands 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. 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 Qatars 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. (QNA)