Al-Othman: “The agreement with QNB and The Commercial Bank lays
solid foundations in terms of supporting UDC's expansion plans and
developing its operations base through investments in real estate
Doha, Qatar – 28 July, 2019: United Development Company (UDC), a
leading Qatari shareholding company and the master developer of The
Pearl-Qatar and Gewan Islands, has signed an agreement with QNB and The
Commercial Bank (P.S.Q.C) to finance the development of Gewan Island
project with a credit ceiling of QR 1,250 billion.
The signing of this agreement comes within the framework of UDC’s
development plans for Gewan Island, the firm’s latest major real estate
Mr. Ibrahim Jassim Al-Othman, UDC President and Chief Executive
Officer and Member of The Board, Mr. Abdullah Mubarak Al Khalifa, Acting
Group Chief Executive Officer of QNB and Mr. Joseph Abraham, Group
Chief Executive Officer of The Commercial Bank (P.S.Q.C), co-signed the
agreement during a ceremony held at the Oyster Building at The
Pearl-Qatar, in the presence of representatives from all parties.
Commenting on this occasion, Mr. Ibrahim Jassim Al-Othman, UDC
President and Chief Executive Officer and Member of The Board,
highlighted that the total investment value in Gewan Island amounts to
approximately QR 3 billion.
Mr. Al-Othman added: “The agreement with QNB and The Commercial
Bank lays solid foundations in terms of supporting UDC's expansion plans
and developing its operations base through investments in real estate
development projects. In addition, the agreement falls in line with
UDC’s efforts to provide superior real estate products in the local
market and to meet the needs of investors and residents alike”.
For his part, Mr. Abdullah Mubarak Al-Khalifa, Acting Group Chief
Executive Officer of QNB said: “We are proud to be part of such a
distinguished partnership with UDC. This agreement represents a
successful model of a strategic alliance within the framework of
developing and strengthening the national economy. We hope that this
agreement will support UDC’s objectives in financing its expansion plans
in the field of real estate development as well as QNB’s directions
that aim at fully supporting the local tourism and country image”.
Mr. Joseph Abraham, Group Chief Executive Officer of The Commercial
Bank (P.S.Q.C), on the other hand, said: “UDC is a premier developer of
long-term projects to the highest of standards that position Qatar as
an international real estate destination. We value our relationship
built with UDC over the years and are delighted to collaborate with QNB
to provide solutions for our clients. Being one of the lead banks for
financing Gewan Island reflects our strong commitment to the economic
development of the State of Qatar, and we are confident this
distinguished and iconic project will have a very positive impact on the
local economy by creating another attractive destination for residents,
visitors and investors”.
Gewan Island, UDC’s latest real estate project next to The Pearl-Qatar Island, will span 400,000 sqm.
Once completed, the Island will accommodate 3500 residents and 3000
daily visitors and will be home to 712 units, including 639 apartments,
41 waterfront villas (out of which 20 villas are standalone villas), 26
beachfront villas, 6 island villas, in addition to 11,000 sqm of retail
space and a number of multiuse buildings.
The Island, which derives its name from the full-round, pink-tinted
and perfectly shaped pearl from Qatar’s marine heritage, will support a
mix of property types, catering for different accommodation and
The Island will offer its residents a comprehensive living space
merging entertainment and retail outlets with smart technologies. It is
expected to attract a warm, welcoming and youthful community seeking an
urbane and vibrant lifestyle.
The Island will include a golf course, an air-conditioned outdoor
Crystal Walkway which acts like the Island’s spine, green parks and
which will attract new brands to Doha. The Island will also be home to
entertainment facilities, a sports club and a mosque.
The Island’s design incorporates a number of sustainability
features to reduce the use of vehicles and encourage walking and biking
through dedicated pedestrian and cycling networks in addition to roads
connecting the Island to the public transportation
The Island is also designed to reduce urban heat by incorporating
green roofs, shading, and reflective surfaces, where applicable.
UDC, the master developer of The Pearl-Qatar and Gewan Islands, is a
leading Qatari public shareholding company with a mission to identify
and invest in long-term projects contributing to Qatar’s growth and
providing good shareholder value.
UDC activities cover a multitude of vital investment sectors
including real estate development, property management, infrastructure
and utilities, maritime and hospitality related businesses.