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FINANCIAL NEWS
Qatar’s UDC arranges USD214m loan to finish shopping center
02 Oct 2011
(MENAFN) Qatar’s United Development Company (UDC) said that in order to finance the final stages of the construction of a shopping center on the Pearl Qatar island, the company arranged for a USD214 million loan with a local commercial bank, reported The National.
UDC added that the money would be used for the building of the retail space in the 31 residential towers Porto Arabia.
It also said that Pearl Qatar, which was the first project in Qatar to allow non-nationals to own property in such a building, would include a residential, retail and resort area that would span over 4 million square feet.
It is worth noting that around 41,000 people would house Pearl Qatar, whereas at the current time, over 3,000 purchased homes in the project.
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