Pearl Qatar developer to raise $428 mln loan

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United Development Co. (UDC), the developer of a man-made island in Doha, has said that is raising a QR1.56bn ($428.4m) loan facility from Qatar National Bank.

The loan would be used to finance the purchase of remaining residential units at Qanat Quartier, one of the ten precincts that make up the Pearl Qatar development, the developer said in an emailed statement.

The residences are currently owned by Pearl-Qatar Real Estate Shariah-Compliant Fund Co, a sharia-compliant fund set up by UDC in 2008. No further details were provided.

Qatar, the world's largest exporter of liquefied natural gas, awarded several billion-dollar infrastructure contracts in June as it prepares to host the 2022 soccer World Cup.

However, property companies in the Qatar are yet to recover from oversupply that saw prices slump in the aftermath of the global financial crisis.

Qatar stepped in with $7.1bn of financial support for ailing property firm Barwa Real Estate last week, buying some key assets to help the company reduce its debt pile.

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