Ali Ahmed Al Kuwari (left), CEO, QNB Group; and Ibrahim Jassim Al Othman, President and CEO, UDC, shake hands after signing the LoI on financing the development of Gewan Island project.
DOHA: 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 (LoI) to work on providing future financing required for the development of Gewan Island project.
Ibrahim Jassim Al Othman, UDC President and CEO and Ali Ahmed Al Kuwari, QNB Group CEO, cosigned the agreement on the sidelines of UDC’s participation in Cityscape Qatar 2018.
Commenting on the signing, Ibrahim Jassim Al Othman said: “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. The project falls in line with our efforts to provide leading real estate products in the local market that meet the needs of investors and residents.”
For his part, Ali Ahmed Al Kuwari said: “We are proud of the outstanding relation between UDC and QNB, which represents a strategic alliance in the interest of developing and strengthening the national economy. 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.”
