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Wed 27 Aug 2014 01:44 PM

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Pearl-Qatar developer inks new $120m loan deal

United Development Company signs three-year agreement for facility organised by Qatar's CBQ

Pearl-Qatar developer inks new $120m loan deal
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.

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