Pearl-Qatar developer inks new $120m loan deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share
The Pearl-Qatar island development.

The Pearl-Qatar island development.

United Development Company (UDC), the developer behind The Pearl-Qatar, has signed a new loan agreement with a series of banks worth $120 million.

According to Qatar News Agency, the deal was arranged by the Commercial Bank of Qatar and replaces a previous loan agreement that expired on August 21. It will last for three years.

Last month, UDC reported a 34 percent increase in net profit for the first six months of 2014 to QR521 million ($143 million).

Its chairman, Turki Al Khater, said he expected the company to continue delivering strong results during the second half of the year.

In April, UDC said it had agreed to sell 47 plots of land for QR1.45 billion.

The land, totalling about 103,000 square metres, was sold to an unnamed "strategic partner" and would be transferred later this year.

Related:

Market Performance

United Development Company
18.8
-0.2 -1.05 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi riyal peg pressure eases, but not gone

Saudi riyal peg pressure eases, but not gone

Volatile energy swings mean the currency remains vulnerable,...

The Gulf's sovereign dilemma

The Gulf's sovereign dilemma

With oil prices still faltering around their lowest level in...

Gulf's bond market thaws as panic over oil fades

Gulf's bond market thaws as panic over oil fades

Improved sentiment seen in the response to a $500m, five-year...

Most Discussed
sponsoredTracking