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Dubai: Al Khaliji and Standard Chartered Bank are two of the banks mandated to to raise a 1.04 billion Qatari riyal (Dh1.05 billion) term loan facility for Medina Centrale Company, a wholly-owned subsidiary of the United Development Company.
The other underwriters and initial mandated lead arrangers are the Commercial Bank of Qatar, mashreq and International Bank of Qatar.
The facility will partially finance the development of the Medina Centrale precinct on Pearl-Qatar Island. Medina Centrale is the towncentre of the Pearl-Qatar, a combination of residential, retail and leisure properties.
Al Khaliji and Standard Chartered have been appointed bookrunners and the Commercial Bank of Qatar has been appointed facility and security agent.
Union National Bank and Arab African International Bank are the lead arrangers.
Medina Centrale will present a high-quality community environment with 500 low-and medium-rise Mediterranean residential units, a 1,900-seat cinema complex, 600,000 square feet 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.
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