UDC completes $120mn refinancing

Commercial Bank of Qatar arranges three-year funding deal

The Pearl, Qatar.
The Pearl, Qatar.

The developer behind The Pearl-Qatar has signed a new loan agreement with a series of banks worth $120mn.

According to Qatar News Agency, the deal was arranged by the Commercial Bank of Qatar and replaces a previous loan agreement that expired on 21 August. It will last for three years.

Last month, UDC reported a 34% increase in net profit for the first six months of 2014 to $143mn.

Its chairman, Turki Al Khater, said he expected the company to continue delivering strong results during the second half of the year.

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