Mubasher: United Development Company (UDCD) is expected to invest QAR 2.5 billion into the development of Gewan Islands, company president and CEO Ibrahim Al Othman has said.
Qatar National Bank (QNB), the largest bank in the Middle East and Africa, secured QAR 2 billion in financing for the project, Al Othman added on the sidelines of Cityscape Qatar exhibition which takes place at the Doha Exhibition and Convention Centre from 22-25 April.
The project is projected to be completed by the fourth quarter of 2021, according to CNBC Arabia.
For the full-year 2017, UDCD’s profits declined 13.6% to QAR 538.4 million, compared to QAR 623.2 million in the year before.
By the end of Sunday’s session, UDCD’s stock went up 0.21% at QAR 14.20.
