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UDC Signs MoU with Commercial Bank to Provide Financing Facilities to its Clients at The Pearl and Gewan Islands

September 15, 2022 / News
Al-Othman: “We are delighted to offer real estate investment opportunities with easy financing designed to meet the requirements of our clients in Qatar and abroad”

Abraham: “We are very pleased to provide a range of mortgage solutions tailored to UDC clients’ needs”

Doha, Qatar – 17 September 2022: United Development Company (UDC), a leading Qatari shareholding company entered a memorandum of understanding (MoU) with The Commercial Bank (CBQ) with an aim to provide attractive home loans for UDC properties at its flagship developments, The Pearl and Gewan Islands. 

In the presence of Mr. Ibrahim Jassim Al-Othman, UDC President, Chief Executive Officer and Member of The Board and Mr. Joseph Abraham, Group Chief Executive Officer of The Commercial Bank, the MoU was co-signed by Mr. Hussain Akbar Al Baker, UDC Executive Director Commercial and Mr. Hussein Al Abdulla, Commercial Bank EGM, Chief Marketing Officer and Head of Premium Banking during a ceremony held at UDC Tower in The Pearl Island, with senior representatives from both parties also in attendance.

As part of the agreement, UDC property buyers will be able to apply with Commercial Bank for a home loan of up to 70% of the property value and tenure up to 20 years, as well as benefitting from fast loan processing and flexible added-value options and payment plans. These finance arrangements will appeal to those wishing to live in the property themselves, and also to investors both locally and internationally as Commercial Bank offer mortgages for non-residents wishing to facilitate property ownership in Qatar.

Commenting on this occasion, Mr. Ibrahim Jassim Al-Othman, UDC President, Chief Executive Officer and Member of The Board, stated: “We are delighted to partner with Commercial Bank to offer financing facilities to our clients in Qatar and abroad, and to complement UDC’s current post-completion payment plan offering. This would mean more choice to avail unmatched financing solutions, including attractive home loan rates and faster approvals while investing in exquisite highly sought-after residences at The Pearl and Gewan Islands. In addition, the agreement falls in line with UDC’s efforts to provide flexible and convenient services for its clients which further reinforces UDC’s position as a preferred developer and helps attract more investors from the local and international markets”. 
Joseph Abraham, Group CEO of Commercial Bank commented: “We are very pleased to partner with UDC to launch their prestigious ‘Crystal Residence’ and provide a range of mortgage solutions tailored to needs of clients. This continues the strong partnership between UDC and CB to jointly serve their clients with market leading seamless financing options.” 

While completed units at The Pearl Island continue to be in great demand, Crystal Residence is set to attract a remarkable number of business and individual investors from both Qatar and abroad thanks to its amenity-rich, smart, and sustainable features in addition to the unmatched location at Gewan Island which promises to be Qatar’s most prestigious and exclusive address.

Crystal Residence consists of 15 luxurious mixed-use buildings, six to seven-story high, that sit at the heart of Gewan Island within a lively commercial and residential district, arranged around the pedestrian zone and Qatar’s longest climatized ‘Crystal Walkway’. 

Crystal Residence consists of a total 586 apartments overlooking the seaside or the Crystal Walkway and including one to three-bedroom units ranging between 90 to 240 sqm and four-bedroom duplexes with an area of 365 sqm. Residents have also access to exclusive world-class leisure facilities in addition to retail, entertainment, and dining outlets on the ground floor available to the public with ample parking spaces underground.


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