United Development Company (UDC) and Qatar National Bank (QNB) signed a Letter of Intent to work together for the development of the Gewan Island project. UDC is the master developer of The Pearl-Qatar. QNB agreed to provide for the future financial requirements of the island project.

Ibrahim Jassim Al Othman, UDC President and CEO, and Ali Ahmed Al Kuwari, QNB Group CEO, signed the agreement on the sidelines of Cityscape Qatar 2018.

Al Othman said the agreement with QNB served as the foundation for UDC’s growth plans, including the expansion of its operations base through QAR2.5 billion worth of investments in the development of Gewan island. Al Kuwari, meanwhile, said that they are proud of the relationship between UDC and QNB, which he said represents a ‘strategic’ alliance in the interest of developing and strengthening the national economy.

We are confident that this agreement will help further UDC’s objectives in terms of 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.’

Gewan Island, UDC’s latest real estate project, spans across 400,000 square metres and is located adjacent 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.

For more information about the new UDC project, visit their website at udcqatar.com.