al khaliji and Standard Chartered Bank mandated to raise QR1.04bn loan for Medina Centrale Company

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al khaliji and Standard Chartered Bank have been appointed as book runners and The Commercial Bank of Qatar has been appointed as facility and security agent. The Underwriters were joined by Union National Bank as Mandated Lead Arranger and Arab African International Bank as Lead Arranger.

The Facility will partially finance the development of Medina Centrale precinct at The Pearl-Qatar Island. Medina Centrale is the Town Centre of The Pearl-Qatar, a special combination of residential, shopping and leisure properties.

Medina Centrale will present a high-quality community environment with 500 low-and medium-rise Mediterranean residential units, a 1900-seat cinema complex, 600,000 sq. ft. of luxury retail premises, supermarkets, restaurants and hotels. Parking will be provided close to all amenities. Medina Centrale will be the economic and shopping heart of The Pearl-Qatar, with a road connecting Viva Bahriya and Porto Arabia.

United Development Company (UDC) was established in 1999. During the last few years, UDC has developed its wholly owned flagship business, The Pearl-Qatar urban development project, and several other ventures in the fields of construction and real estate, petrochemicals, infrastructure and utilities, fashion, hospitality and leisure, and environment related business, through joint ventures with leading international/ regional companies. UDC is a principal sponsor in a number of ongoing prestigious initiatives including The Pearl-Qatar Island, Qatar Cool, Middle East Dredging Company, Seef Limited, United Ready-Mix, Qatar Formaldehyde Company, Ronautica Middle East, Hospitality Development Company, and United Fashion Company.

The over QR50bn (over $14bn) Pearl-Qatar will open its doors to its first residents by the end of this year. The Island will be home to a multi-cultural residential community of more than 40,000 residents, comprising 15,000 dwellings within 10 precincts to be fully completed by 2011.

Spanning over approximately four million square meters of land, and over 32 kilometers of new coastline, the Island will also include five-star hotels, marinas, 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.

Khalil Sholy, Managing Director and President of UDC commented; 'This transaction sees the Company through new partnerships with leading financial institutions as well as the continued support of our existing partners.'

'The terms of this financial transaction display the strong economic fundamentals of UDC's investments,' Abdullah Araj, UDC Executive Vice President, Finance added.

Robin McCall, Managing Executive, Corporate & Institutional Banking of al khaliji said: 'al khaliji is delighted to be associated with the UDC on such a visionary project and we are pleased to have played a leading role in partnership with several local and international banks.'

Tom Aaker, Chief Executive Officer Standard Chartered Bank Qatar commented, 'the collaboration of various banks is an excellent example of how we are developing strong capabilities in areas which have great relevance to our client. This partnership demonstrates the powerful combination of expertise and our ability to deliver on client's ambition.