UDC completes $120mn refinancing
Commercial Bank of Qatar arranges three-year funding deal
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.