QNB, UDC sign 10-year loan facility for Pearl development

QNB has signed a 10-year loan facility agreement with UDC under which the bank extended finance worth QR1.55bn to the master developer of The Pearl-Qatar.

The loan amount has been granted for the purpose of financing the purchase of the remaining residential units at Qanat Quartier in Pearl-Qatar.

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. Companies recently established under the umbrella of United Development Company are: Madinainova, Resorts and Leisure Company and The Pearl Owners Corporation.

The Pearl-Qatar is an artificial island which spans almost 4mn sq m of reclaimed land. The island is set about 400m off the shore of West Bay Lagoon and is a mixed-use residential, retail and hospitality development, offering luxury life styles and living conditions for residents and visitors alike.

QNB said its principal aim is to help Qatar reach its potential, as the bank continues to play a leading role in investing and supporting the Qatari people to go forward with confidence, optimism and determination.