United Development Company (UDC), master developer of The Pearl-Qatar and Gewan Islands, recently signed an agreement with QNB and Commercial Bank (PSQC) to finance the development of Gewan Island with credit ceiling of QAR1.250 billion. Gewan Island is UDC’s latest major real estate investment project.
UDC President / CEO and Member of the Board Ibrahim Jassim Al Othman, QNB Acting CEO Abdullah Mubarak Al Khalifa and Group CEO of Commercial Bank Joseph Abraham signed the agreement during a ceremony held at the Oyster Building at The Pearl-Qatar, in the presence of representatives from the three companies.
According to Al Othman, the total investment value in Gewan Island has now reached approximately QAR3 billion.
The agreement with QNB and Commercial Bank lays solid foundations in support of UDC’s expansion plans and in developing its operations base through investments in real estate development projects.’
Abdullah Mubarak Al Khalifa said they are proud to be part of such a distinguished partnership with UDC. He said that the agreement represents a successful model of 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 aimed at fully supporting the local tourism and country image.’
Joseph Abraham also expressed his approval of the new agreement. He said that being one of the lead banks financing the development of Gewan Island reflects on their strong commitment to the economic development of Qatar.
We are confident that this distinguished and iconic project will have a very positive impact on the local economy – creating another attractive destination for residents, visitors and investors.’
Gewan Island will cover an area of 400,000 square metres. Once completed, the island will accommodate 3,500 residents and 3,000 daily visitors. It 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 11,000-sqm of retail space and a number of multi-use 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.
Financial Results for First Half of 2019: Net profit of QAR238 million on Revenues of QAR 912 million
UDC also announced the results of its financial report for the first half of 2019, a net profit of QAR238 million over revenues of QAR912 million. The net profit attributable to equity shareholders was QAR 225 million and basic earnings per share was QAR0.063.
Al Khater said they managed to build on the company’s stable financial results in the first half of 2019 and is actively pursuing development projects across The Pearl-Qatar and Gewan Island.
With the launch of the sale of ten tower land plots in Floresta Gardens and the fourth sales phase of Al Mutahidah Towers, UDC is well positioned to sustain its positive results, as we gear up to launch the construction works for United School International and the Floresta Gardens and Giardino Village gated residential compounds.’
For updates and more information about Gewan Island, visit udcqatar.com.