United Development Company (UDC) has signed an agreement with QNB and Commercial Bank to finance the development of Gewan Island project with a credit ceiling of QR1.25bn.
The signing of the agreement comes within the framework of UDC’s development plans for Gewan Island, the firm’s latest major real estate investment project. UDC president and CEO Ibrahim Jassim al-Othman signed the agreements with QNB acting Group CEO Abdullah Mubarak al-Khalifa and Commercial Bank Group CEO Joseph Abraham during a ceremony held at the Oyster Building at The Pearl-Qatar in the presence of representatives from all parties.
Al-Othman, who is also member of the board, highlighted that the total investment value in Gewan Island amounts to approximately QR3bn. He said the agreement with QNB and 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, al-Othman added.
Al-Khalifa 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.”
Abraham 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 400,000sq m.
Once completed, the island will accommodate 3,500 residents and 3,000 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, six island villas, in addition to 11,000sq m 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 investment needs.
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.
Its 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 network. It is also designed to reduce urban heat by incorporating green roofs, shading, and reflective surfaces, where applicable.