Qatar’s UDC, Dukhan Bank sign financial deal to develop commercial complex

By Rahul Vaimal, Associate Editor
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Giardino Village
Representational Image

The Qatar-based leading public shareholding company, United Development Company (UDC) has entered into a financial agreement with Dukhan Bank, the country’s prominent financial institution, to develop a commercial complex in Giardino Village.

“The objective to be achieved from the operation is to develop the project of commercial complex and annexure for Marina Service Centre in Giardino Village area, at The Pearl Qatar. The total value of the operation is $28 million (QR105 million),” said the company in a filing to the Qatar Stock Exchange.

“The method of payment and the sources of financing for the operation are installments over a period of approximately 17 years,” added the company.

The shareholding firm further clarified that there won’t be any change in ownership ratios before and after the completion of the process.

Giardino Village

Giardino Village is a highly prized residential district featuring beautiful gardens and private living space for residents. The exclusive Giardino Village is located in a tranquil enclave with close proximity to the vibrant retail hubs of Medina Centrale and Porto Arabia precincts.

The Giardino Village project includes low-rise building plots, apartment buildings, Giardino Mall, and United School International, along with villas and villa plots.

Giardino Mall will be situated in the precinct of Giardino Village and will offer an amazing array of shopping and dining outlets, that will add value to the extensive function of the precinct as well as the retail offerings of The Pearl-Qatar.

United Development Company

United Development Company (UDC) is a Qatari public shareholding company. And, It is the master developer of The Pearl-Qatar and Gewan Island. The company intends to identify and invest in long-term projects that will contribute to the development of Qatar.