Qatar- Developer UDC to raise USD428m loan from QNB

(MENAFN) United Development Co (UDC) stated that it plans on raising USD428 million in loans from Qatar National Bank (QNB), reported Arabian Business. UDC also said that it plans on using the loan to complete the purchase of remaining residential units at Qanat Quartier, currently owned by Pearl-Qatar Real estate Shariah- Compliant Fund Co. It is worth noting that the Pearl-Qatar (TPQ) is an artificial island spanning nearly four million square metres. It is the first land in Qatar to be available for freehold ownership by foreign nationals. In 2012, TPQ had more than 5000 residents.