United Development Co., a Qatari company that invests in real estate and energy, plans to sell about $400 million of convertible bonds by year-end, the executive vice president of finance said.
The five-year bond sales will provide funding for the company’s facility management entities, including a company that’s caring for The Pearl, a project being built on an island off the Qatari coast, Abdullah Araj said in an interview in Doha today. UDC plans to appoint two international banks to handle the offering, he said.
The Persian Gulf emirate is spending billions of dollars diversifying its economy with acquisitions of stakes in companies including German carmaker Volkswagen AG. State-owned Qatari Diar Real Estate Investment Co. last month sold $3.5 billion of 5-year and 10-year notes.
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