United Development Company (UDC), one of Qatar’s leading shareholding companies and master developer of The Pearl-Qatar, and QNB have signed a letter of intent to work on providing future financing required for the development of Gewan Island project.
Ibrahim Jassim al-Othman, UDC president and chief executive; and Ali Ahmed al-Kuwari, QNB Group chief executive, cosigned the agreement on the sidelines of UDC’s participation in Cityscape Qatar 2018.
“This agreement with QNB lays the foundation for UDC’s growth plans and the expansion of its operations base through QR2.5bn worth of investments in the development of Gewan Island,” al-Othaman said.
The project falls in line with UDC’s efforts to provide leading real estate products in the local market that meet the needs of investors and residents, he added.
“We are confident that this agreement will help to further UDC’s objectives in terms of financing its expansion plans in Gewan Island, which will positively impact its customers and help the company achieve its objectives of maintaining a leading position in the local market,” according to al-Kuwari.
Gewan Island, UDC’s latest real estate project, spans across 400,000sqm and is located adjacently to The Pearl-Qatar. The island, which will be completed in 2021, features residential units, entertainment facilities, retail outlets, restaurants and cafes within a vibrant, modern and integrated community.


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