1.
PRESS
RELEASE
QNB
and
UDC
sign
10
year
loan
facility
agreement
Doha,
22
September,
2013
–
Qatar
National
Bank
(QNB),
the
World’s
Strongest
Bank,
has
signed
a
10
year
loan
facility
agreement
with
the
United
Development
Company
(UDC),
one
of
Qatar’s
leading
and
most
recognized
public
shareholding
companies
and
the
master
developer
behind
The
Pearl-­‐Qatar.
Loan
amount
of
QR
1.548.000.000
(one
billion
five
hundred
forty
eight
million
Qatari
Riyals)
has
been
granted
for
the
purpose
of
financing
the
purchase
of
the
remaining
residential
units
at
Qanat
Quartier
in
the
Pearl-­‐Qatar
Island.
United
Development
Company
(UDC),
is
a
leading
Qatari
shareholding
company
with
a
mission
to
identify
and
invest
in
long-­‐term
projects
contributing
to
Qatar’s
growth
and
providing
good
shareholder
value.
Companies
recently
established
under
the
umbrella
of
United
Development
Company
are:
Madinainova,
Resorts
and
Leisure
Company
and
The
Pearl
Owners
Corporation.
The
Pearl-­‐Qatar
is
an
artificial
island
which
spans
almost
4
million
square
meters
of
reclaimed
land.
The
island
is
set
approximately
400
meters
off
the
shore
of
West
Bay
Lagoon
and
is
a
mixed-­‐use
residential,
retail
and
hospitality
development,
offering
luxury
life
styles
and
living
conditions
for
residents
and
visitors
alike.
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.
**
Ends
**