Qatar's QNB, UDC agree $425m loan deal

Agreement will finance purchase of residential units on UDC's Pearl-Qatar development
Qatar's QNB, UDC agree $425m loan deal
By Andy Sambidge
Sun 22 Sep 2013 03:00 PM

Qatar National Bank (QNB) has signed a 10 year QR1.548bn ($425m) loan facility agreement with United Development Company (UDC), the master developer behind The Pearl-Qatar in Doha.

The loan deal has been inked to finance the purchase of the remaining residential units at Qanat Quartier in the Pearl-Qatar Island, one of the ten precincts that make up the development, a statement said.

The Pearl-Qatar is an artificial island which spans almost 4 million sq m of reclaimed land.

The island is set about 400 metres off the shore of West Bay Lagoon and is a mixed-use residential, retail and hospitality development, offering luxury lifestyles for residents and visitors.

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

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.