Doha 22 April 2018
‘Gewan Island’, UDC’s latest real estate project, spans over 400,000 Sqm long island was launched today by Sheikh Abdullah bin Nasser AlThani, Prime Minister & Interior Minister of State of Qatar. Around QR 5 billion cost new project is located adjacently to The Pearl-Qatar and will be completed in 2021, features residential units, entertainment facilities, retail outlets, restaurants and cafes within a vibrant, modern and integrated community.
Three contracts were signed on the occasion between UDC and prominent international companies in line with UDC’s efforts to contribute to development projects that bolster Qatar’s position as a global investment hub.
United Development Company (UDC) and Qatar National Bank (QNB) have signed a letter of intent 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, co-signed 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 QR 2.5 billion 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.”
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.”