United Development Co. Signs Agreement of Real Estate Banking Facility Agreement for the Development of Gewan Island Hotel
December 17, 2024 at 01:38 pm EST
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United Development Co. announced it has signed agreement of real estate banking facility agreement for the development of Gewan Island Hotel with Qatar National Bank for amount of QAR 782 million: The objective to be achieved is providing real estate banking facilities obtained from Qatar national Bank; The value of the facility is QAR 782 million; The method of payment and the sources of financing is on installments over 12 years; There is no negative impact on UDC financial position due to the completion of this process; The advantage is to provide real estate banking facilities.
United Development Company QPSC is a Qatar-based company, which is engaged in a number of industry sectors. The principal activity of the Company, along with its subsidiaries, is to contribute and invest in infrastructure and utilities, hydrocarbon and energy, urban development, environment related businesses, marina and related services, fashion, hospitality and leisure, business management, advertising, providing information technology solutions and insurance agency activities, among others. The Company operates thorough the following segments: Urban Development, which includes real estate development and construction activities; Hydrocarbon and Energy, which includes production and sale of chemicals and hydrocarbon materials; Hospitality and Leisure, which includes the investment and development of hotel and leisure facilities, as well as Infrastructure and Utilities, which covers construction and management of district cooling systems and marina activities.