The real estate developer of the Doha manmade island, United Development Co., announced last Thursday that it is in the process of raising 1.56 billion riyals or US$428 million through a loan facility with the Qatar National Bank.

With the loan, its proceeds would be utilized to finance the purchase of residential units located at Qanat Quartier. It is one of the ten precincts that comprise the Pearl Qatar development according to the developer through an emailed statement. Currently, the residences are owned by the Pearl-Qatar Real Estate Shariah-Compliant Fund Co., a fund set up by UDC back in 2008 that complies with shariah law.

Aside from the aforementioned details, no other information was released.

Qatar is the largest exporter of liquefied natural gas in the world and as it prepares to host the 2022 FIFA Word Cup, it has awarded several infrastructure projects costing in the several billions of dollars. Many companies though in the country are still reeling from the property price crisis resulting from the global financial crisis of 2008.

ne of the latest moves by the Qatari government is providing financial support totalling US$7.1 billion for Barwa Real Estate last week through the purchase of several key assets to help in the reduction of the property firm's debt portfolio.