Qatar’s UDC & Commercial Bank sign MoU to offer loans for property buyers

By Arya M Nair, Intern Reporter
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UDC-Commercial Bank
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United Development Company (UDC), a leading Qatari shareholding company, has signed a Memorandum of Understanding (MoU) with the Commercial Bank (CB) with an aim to provide attractive home loans for UDC properties at its flagship developments, The Pearl and Gewan Islands.

In the presence of UDC President, Chief Executive Officer and Board Member Mr. Ibrahim Jassim Al Othman and Commercial Bank Group Chief Executive Officer Mr. Joseph Abraham, the MoU was co-signed by UDC Executive Director Commercial Mr. Hussain Akbar Al Baker and Commercial Bank EGM, Chief Marketing Officer and Head of Premium Banking Mr. Hussein Al Abdulla during a ceremony held at UDC Tower at 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 percent of the property value and tenure of 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 offers mortgages for non-residents wishing to facilitate property ownership in Qatar.

Ibrahim Jassim al-Othman
Ibrahim Jassim al-Othman
President & CEO Board Member – UDC

“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.”

While The Pearl Island’s completed units continue to be in high demand, Crystal Residence is expected to draw a significant number of businesses and individual investors from both Qatar and abroad due to its amenity-rich, smart, and sustainable features as well as its unrivaled location on 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’.

Related: Qatar UDC’s HQ becomes 1st in Pearl Island to get GSAS Operations certificate