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QNB, UDC ink loan facility deal.

| DOHA, Sept 21 (KUNA) -- Qatar National Bank (QNB) said it will offer 1.548 billion Qatari riyals (some USD 424.88 million) to the United Development Company (UDC) under a 10-year loan facility agreement signed on Saturday.

The funds will be channeled to the purchase of the remaining residential units at Qanat Quartier project, being developed by the UDC on the Pearl-Qatar artificial island here, according to press release by the bank.

Through the loan agreement, QNB aims to contribute to the promotion of investment in the real estate sector and economic growth in Qatar, the statement pointed out.

The Pearl-Qatar spans over almost four million square meters of reclaimed land; it is located some 400 meters off the shore of West Bay Lagoon.

The UDC is a leading Qatari shareholding company with a mission to identify and invest in long-term projects contributing to Qatar's growth. (end) KUNA 212307 Sep 13NNNN

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Publication:Kuwait News Agency (KUNA)
Geographic Code:7QATA
Date:Sep 21, 2013
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