Doha, June 30th, 2011:  United Development Company (UDC); master developer of The Pearl-Qatar (TPQ), has announced that all investors on the Island can apply for Qatari Residency Permits. Jordanian, Indian and British nationals are among the first property owners at The Pearl-Qatar to receive residency permits, under the new rule that allows a non-Qatari to own real estate and residential property in the country.

UDC's Chairman Hussein Al Fardan said: "We extend our sincere thanks and appreciation to all government authorities who contributed to this achievement. This is an exciting time, not only for our residents, but for all parties involved. It is another cornerstone set by His Highness the Emir and H.H the Heir Apparent for Qatar's 2030 Vision. We, as the master developer of the Island, have worked diligently to get this process off-the-ground, and the investors are thrilled that they are granted Qatari residency permits upon the purchase of any property on the Island."

UDC's Managing Director and President Khalil Sholy said: "With this announcement Qatar joins other GCC states in issuing three-year renewable residency permits to non-national property owners, their dependents and next of kin. This will not only strengthen confidence in the Qatari real estate market, but  further demonstrates  the commitment of His Highness the Emir and H.H the Heir Apparent to the growth and development of this nation and its people".

Residency permit is granted regardless of the number or size of property owned, and for the first time in the region; investors are able to sponsor their dependents and next of kin.

A property owner, who was granted a residency permit said:  "I'm extremely excited to be part of the first group of the residency permit recipients at The Pearl-Qatar"

The Pearl-Qatar Central Authority Directorate (TCAD) is responsible for processing applications submitted by The Pearl-Qatar property owners. With more than 3,000 people

currently living on the Island, the number of residents continues to experience significant growth.

-Ends-

About The Pearl-Qatar
The Pearl-Qatar is a unique and innovative urban development in Doha, Qatar.  A masterpiece of private and modern living on an island spanning over 4 million square-meters of land, The Pearl-Qatar offers a tailored range of residential solutions to meet the highest of standards available in the Gulf.  Furthermore The Pearl-Qatar plays host to the latest retail and hospitality offerings from the world's leading brands and restaurants.

Developed by United Development Company (UDC), the island is located 350 meters offshore of Doha's prestigious West Bay District and is one of the largest real-estate developments in the Gulf.

About United Development Company (UDC)
Founded in 1999, United Development Company (UDC) has been listed on the Qatar Exchange since June 2003 and is one of Qatar's leading public shareholding companies.

The United Development Company was established with the vision to identify and invest in long-term projects contributing to Qatar's growth and vision 2030, while providing lasting shareholder value.                                            

UDC's target areas of interest include: infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, real estate, urban development, maritime and environment-related businesses, hospitality, retail and fashion, information technology, media and communications, and insurance.  Other operations include real estate brokering services, insurance agency services, e-payment protocol services, amongst others.

UDC has shown an ability to attract and partner with the highest quality of international talent, bringing outside expertise to bear on significant developments in Qatar and beyond. It has also demonstrated a successful model for synergistic growth, creating and operating a

diverse portfolio of substantial businesses that leverage off one another and generate additional revenue streams in new markets.

Plans for a UDC Bond Issuance has also recently been confirmed, this outlines the issue of a five-year convertible bond in 2011 to raise further funding for acquisitions and expansion plans among UDC subsidiary companies.

UDC's founders and current Board Members are among Qatar's most successful investors and developers. Thousands of Qatari shareholders hold 75 percent of the total shares and the remaining 25 percent are held by other GCC and international investors.

For more information, please contact
UDC Marketing & Communications
corporatecommunications@udcqatar.com

© Press Release 2011