Commercial Bank of Qatar finances United Development Company project
United Development Company has signed a finance agreement with Commercial Bank of Qatar capped at QAR 730 million. The funding is for the construction and development of Abraj al Mutahida (Al Mutahidah Towers) in Viva Bahriya (The Pearl, Qatar).
The agreement was signed on 15 December by UDC President & CEO Ibrahim Al-Othman, and Commercial Bank CEO Joseph Abraham at the Oyster building.
Ibrahim Al-Othman said, “The signing of this financing agreement is aligned with the company's strategy of supporting its investment projects through adequate funding. I'm extremely delighted with the continuous fruitful cooperation we have with Commercial Bank for its integrated banking services that are beneficial to both parties.”
Joseph Abraham stated, “Commercial Bank is delighted to finance the construction of the high-quality Al-Mutahidah Towers with a leading Qatari company, and contribute to the funding of this major real estate project providing a large number of premium residential units for a wide range of discerning investors.”
Al-Mutahidah Towers consist of high-end connected towers offering 480 accommodation units of various dimensions including studios, luxury apartments as well as high-level penthouses and retail stores designed to meet the needs of residents. The project is expected to be completed in the fourth quarter of 2019.