Qatar National Bank formalizes loan agreement
The Qatar National Bank (QNB) had formalized a ten year loan facility agreement with the United Development Company worth QAR1.548 billion or USD425 million. United Development Company is the developer behind The Pearl-Qatar built in Doha.
The credit deal was finalized to finance the purchase of the units located at the Qanat Quartier in the Pearl-Qatar Island. The Qanat Quartier is one of the remaining ten precincts that comprise the project. Overall, the Pearl-Qatar is an artifical island that measures about 4 million square meters of reclaimed land from the sea. It is located 400 meters in the West Bay Lagoon. The development is a residential, retail and hospitality development which offers luxury lifestyles for both visitors and residents.
According to the bank, "QNB's principle aim is to help Qatar reach its potential, as QNB continues to play a leading role in investing and supporting the Qatari people to go forward with confidence, optimism and determination."