Qatar-based United Development Company (UDC) and The Commercial Bank have signed a QR730 million ($200 million) financing agreement to fund the construction of "Al-Mutahidah Towers", an ambitious development within the company’s flagship project, The Pearl-Qatar.
Al-Mutahidah Towers consist of high-end connected towers offering 480 accommodation units of various dimensions including studios, luxury apartments as well as high-level penthouses and retail stores designed to meet the needs of residents.
They also boast panoramic sea views and direct access to the beach, in addition to upscale services and recreational amenities.
The signing of this financing agreement is aligned with the company's strategy of supporting its investment projects through adequate funding, remarked UDC president and CEO Ibrahim Al Othman, after signing the deal with Commercial Bank CEO Joseph Abraham.
This supports UDC's five-year business plan aimed at revitalizing investments in new developments at The Pearl-Qatar while enriching its real estate portfolio of viable investment products as The Pearl continues to be a safe haven for investments, he stated.
"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 said.
Al Othman said UDC's aim is to consistently develop quality products and services that feed into creating a unique living experience to its 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 our plans to diversify its investments to meet the growing demands for The Pearl-Qatar project," he noted.
The towers are expected to be completed in the fourth quarter of 2019 while properties will be put up for sale in the coming period.
Abraham said: "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."
Commercial Bank plays a vital role in Qatar’s economic development through offering a range of personal, business, government, international and investment services, he added.