UDC President and CEO Ibrahim Al Othman (left), and Commercial Bank CEO Joseph Abraham shaking hands after signing the agreement at the Oyster building at The Pearl-Qatar.
United Development Company (UDC) and Commercial Bank have signed a financing agreement worth QR730m (about $200m), to fund the construction of ‘Al Mutahidah Towers’, an ambitious development within the company’s flagship project, The Pearl-Qatar.
The agreement was signed on December 15 by UDC President and CEO Ibrahim Al Othman, and Commercial Bank CEO Joseph Abraham at the Oyster building at The Pearl-Qatar.
Al Othman said: “The signing of this financing agreement is aligned with the company's strategy of supporting its investment projects through adequate funding. I'm extremely delighted with the continuous fruitful cooperation we have with Commercial Bank for its integrated banking services that are beneficial to both parties.”
He added: “Our aim is to consistently develop quality products and services that feed into creating a unique living experience to our stakeholders while leveraging The Pearl’s iconic features and market positioning. As such, Al Mutahidah Towers are considered a key milestone in our journey of delivering real estate excellence, and in building on the successful completion of The Pearl commercial Towers this year. This works to strengthen the company's plans to diversify its investments to meet the growing demands for The Pearl-Qatar project.”
For his part, Abraham (of Commercial Bank), said: “Commercial Bank is delighted to finance the construction of the high-quality Al Mutahidah Towers with a leading Qatari company, and contribute to the funding of this major real estate project providing a large number of premium residential units for a wide range of discerning investors.”
He added: “Our support for UDC stems from our commitment to support the private sector and finance strategic projects that are essential to the development and diversification of the economy in line with the Qatar National Vision 2030.”
This agreement supports UDC's five-year business plan aimed at revitalising investments in new developments at The Pearl-Qatar while enriching UDC's real estate portfolio of viable investment products as The Pearl continues to be a safe haven for investments.
UDC and Commercial Bank boast a privileged relationship evidenced by the Bank’s continued support for UDC and its flagship project The Pearl-Qatar since its inception, and driven by UDC’s proven ability to fulfill all material and moral obligations. Commercial Bank plays a vital role in Qatar’s economic development through offering a range of personal, business, government, international and investment services.
Al Mutahidah Towers consist of high-end connected towers offering 480 residential units of various dimensions including studios, luxury apartments as well as high-level penthouses and retail stores designed to meet the needs of residents. The towers also boast panoramic sea views and direct access to the beach, in addition to upscale services and recreational amenities. The project is expected to be completed in the fourth quarter of 2019 while properties will be put up for sale in the coming period.
