DOHA: Energy City Qatar (ECQ), provider of an integrated set of services to real estate sector, recently made an early settlement of $185m loan, ending the last outstanding payment (worth $85m), during the first six months of 2013, a press statement issued by ECQ said yesterday.
ECQ’s management was able to pay off the outstanding debts as a result of the overall increasing revenues from the expansion in land and real estate sales, and enhanced activity in this sector.
The Company’s move took place despite an earlier recommendation and approval of the group of banks managing the loans to extend the settlement period for another three years. The Company’s management had decided to pay all outstanding loans. This came mainly as a result of the recovery and growth seen in the Qatari real estate market, and subsequent improvement in sales.
It is worth mentioning here that a growing number of developers and land owners have started development works in their real estate projects at Energy City.
In this regard, ECQ’s CEO, Engineer Hesham Al Emadi said that the new management at Energy City has succeeded in restructuring its plans and its priorities to be more in line with the new policies and programs of the wise leadership of Qatar.
Al Emadi stressed that ECQ’s early settlement of its loans confirms the company’s robust creditworthiness, in addition to increasing confidence in the company among its financers, paving the way for ECQ to comfortably go into the domestic and international financial markets when this is decided.
He added that the dream of Energy City that everyone has envisaged for some time has begun to materialise on the ground, bringing real added value to the Qatari economy by establishing a world-class sustainable city that implements the highest international environmental standards in place, while deploying cutting edge technology for the first time in the region.The Peninsula
