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Doha Bank signs agreement with UDC Property Investments
Doha Bank has signed an agreement with United Development Company (UDC) for financing the purchase of residential properties at The Pearl-Qatar.
Under this arrangement, Doha Bank extended Housing Loans for purchase of residential properties at The Pearl-Qatar Island. Officials from Doha Bank and UDC, a leading Qatari public shareholding company, and the owner and developer of the flagship urban development project, The Pearl-Qatar, have signed the Agreement at the Head Office of Doha Bank.
The association between Doha Bank and UDC will facilitate easy financing options to the prospective buyers for owning residences at the over QR 50 billion ($14 billion) Pearl-Qatar development. Doha Bank has customized the financing scheme for purchase of properties at the Island to suit customers' personal requirements with flexible repayment and disbursement options.
On this occasion, Mr. Abdul Rahman Mohamed Al Meer, Head of retail Banking said that Qatar has become the favorite destination for investment in the entire Middle East. 'We are proud to participate in financing residential properties in the country's premier residential project, together with UDC we will offer the best for our customers. Our Housing Loan Scheme is the best in the market today and is available to both Qatari nationals and expatriates. The Bank has developed a unique concept by setting a 'Real Estate Lounge' aiming at providing advice on available properties in the market and financing details at its Real Estate Lounge, City Center branch.'
Currently, Doha Bank extends Housing Loans to both Qatari nationals and expatriates for purchase/construction of residential properties in the State of Qatar and United Arab Emirates, through its branch in Dubai. Doha Bank's repayment period extends to 30 years, considered as the longest tenor offered by any Bank in the country with the lowest down payment of only QR100, 000 with best rate of interest.
About The Pearl-Qatar
The Pearl-Qatar is an offshore, Riviera-style man-made island, covering 985 acres of reclaimed land with an estimated cost in excess of QR50 billion ($US 14 billion). It is Qatar's first international urban development venture, one of the largest developments in the country and the first to offer freehold and residential rights to international investors. It will create over 32 kilometers of new coastline.
The Pearl-Qatar's name and location, on a former pearl diving site, highlights the country's traditions, and strong historical and cultural ties to the sea. It is an island rediscovered.
The Pearl-Qatar will eventually house over 41,000 residents in an up-scale, multi-cultural residential community which will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia.
Spanning over approximately 4-million square meters of land, and over 32 kilometers of new coastline, The Riviera Arabia themed districts will also include 3 five-star hotels, two boutique hotels, three marinas with combined mooring for over 1000 boat and, a yacht club, schools, restaurants and lifestyle amenities, and two million square feet of upscale retail space proffering some of the world's most renowned luxury brands.
Built 350 meters offshore of the West Bay Lagoon area of the country's capital, Doha, the Island will offer an exclusive retreat with easy access to the capital's thriving community.
The Pearl-Qatar is being developed and promoted by United Development Company (UDC), one of Qatar's leading private sector shareholding companies.
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