The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country, has signed a deal with Arab Jordan Investment Bank Qatar (AJIB) establishing the bank as another mortgage provider for prospective home-owners there.
This agreement brings the total number of institutions offering financial services to buyers to three. Commercial Bank of Qatar and Qatar National Bank currently also provide mortgages for buyers at The Pearl-Qatar, which is being developed by Qatar’s United Development Corporation (UDC).
“We are very pleased to welcome Arab Jordan Investment Bank to the team of financial institutions that are working with us and our future home owners,” said Walid Al Saadi, CEO of UDC.
“The Pearl-Qatar is a community where dreams come true and has quickly become a landmark of many achievements in the state of Qatar.”
The Pearl-Qatar is a US $2.5 billion man-made island development off the coast of Doha covering 985 acres of reclaimed land. It is the country’s largest real estate development and will include smart technology and infrastructure.
The development recently completed full reclamation of land and has begun construction of its towers. 400 hectares of new land have been created with a 32 kilometer shoreline, three coves, and navigable canals in addition to numerous other features.
Among the residential and commercial plots being developed, officials recently announced that Four Seasons Hotels and Resorts would open a new Doha-based property in the Porto Arabia district of The Pearl-Qatar.
Fuad Diab, general manager of Arab Jordan Investment Bank Qatar, said: “From day one, we had been very interested in taking part in The Pearl-Qatar.
“Today is a realisation of our desire to provide financial options to potential home owners and investors. We are extremely happy to be offering our services for one of the most prestigious and exciting developments in Qatar – a country that has one of the most exciting economies in the Middle East.”
Arab Jordan Investment Bank provides investment solutions for clients in Jordan, Cyprus and Libya, and began operations in Qatar earlier this year through the Qatar Financial Centre.
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