Qatar-based United Development Company (UDC) has launched its new 400,000-sq-m luxury project, Gewan Island, featuring residential units, entertainment facilities, retail outlets, restaurants and cafes within a vibrant, modern and integrated community.

The island, which is located adjacent to The Pearl-Qatar, a man-made island developed by UDC in Doha,  will be completed in 2021, said a statement from the company.

The Qatari developer recently signed a letter of intent with country's major bank QNB to work on providing future financing required for the development of Gewan Island project.

The signing of the letter of intent took place on the sidelines of UDC’s participation in Cityscape Qatar 2018, where HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister and Minister of Interior, inaugurated Gewan Island, and

UDC signed three key contracts related to the development of Gewan Island with prominent international companies in line with its efforts to contribute to development projects that bolster Qatar’s position as a global investment hub, said President and CEO Ibrahim Jassim Al Othman after sealing the deal with QNB group CEO Ali Ahmed Al Kuwari on the sidelines of Cityscape Qatar 2018.

This agreement with QNB lays the foundation for UDC's growth plans and the expansion of its operations base through QR2.5 billion ($685.2 million) worth of investments in the development of Gewan island, remarked Al Othman.

"The project falls in line with our efforts to provide leading real estate products in the local market that meet the needs of investors and residents," he noted.

On the partnership deal, Al Kuwari said: "We are confident that this will help to further UDC’s objectives in terms of financing its expansion plans in Gewan Island, which will positively impact its customers and help the company achieve its objectives of maintaining a leading position in the local market."

The island boasts a theme park, an air-conditioned outdoor ‘Crystal’ boardwalk, which acts like the island’s spine, a green park, and a waterfront retail esplanade that will attract new brands to Doha. It will also be home to entertainment facilities, a sports club, and a mosque.-TradeArabia News Service