Doha, Qatar: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, held its annual ordinary and extraordinary general assembly meeting yesterday at United School International School at The Pearl Island.

The meeting was chaired by UDC Chairman, Ahmed bin Ali Al Hammadi and was attended by UDC Board of Directors, representatives of the Ministry of Commerce and Industry, UDC’s external auditors Ernst & Young, and the company’s shareholders.

During the Ordinary General Meeting, all agenda items proposed by the Board of Directors approved the meeting’s agenda, heared the Board of Directors’ report on the company’s performance, future plans and financial position for the fiscal year ending December 31, 2023 and further appointed the External Auditor for the fiscal year 2024 and determine their fees.

The Extraordinary General Assembly further approved the amendment of Article (5) of the Company’s Articles of Association, extending the Company’s duration by another 25 Gregorian years, and authorized the Chairman of the Board of Directors to approve the amendment.

Ahmed bin Ali Al Hammadi, presented the Company’s activities and its financial results for the year 2023.

He said: “The Company has achieved a net profit of QR 401.7m and total revenues of QR2.1bn. The net profit attributable to equity shareholders stood at QR 402 million with basic earnings per share of QR0.114”.

Al Hammadi further added: “The proposed dividends for the year 2023 are in line with value of the real estate projects that the Company is continuing to develop.”

Concluding his statement, Al Hammadi said: “Looking forward to 2024, UDC renews its commitment to completing development projects on Gewan Island, attracting investors, buyers, and tenants, and actively contributing to the Qatari economy and tourism sector."

Emphasis will continue on technological advancements and sustainability measures to enrich the stakeholder experience. UDC also plans to reactivate the operations of some of its key subsidiaries, with the aim of diversifying revenue sources, aligning with the evolving needs of the company as it transitions towards managing communities and exploring new revenue streams.”

For his part, UDC President, CEO and Member of The Board, Ibrahim Jassim Al Othman, stated: “In 2023, our overarching vision was to position The Pearl and Gewan Islands prominently on the global investment map. Through a series of targeted roadshows and meticulously planned marketing initiatives, we successfully attracted attention from international investors seeking to benefit from Qatar’s residency scheme, making UDC a preferred choice for both resident and non-resident foreign investors.”

Al Othman added: “Looking specifically at residential projects on The Pearl Island, we successfully met our annual targets for residential sales and leasing. The high tenant occupancy for both residential and retail spaces reflects the growing demand for our unique offerings and demonstrates our commitment to providing value and sustainable growth.”

Al Othman indicated that the achievements further encompassed Gewan Island which witnessed significant progress in the completion of development and infrastructure works as well as utility networks.

The handover of retail units to tenants for fit-out preparations, also contributes to accelerating the pace of completing Crystal Residence and Crystal Walkway, setting the stage for the island’s operation in 2024.

Highlighting the Company’s plans and prospects for 2024, Al Othman said: “The inauguration of The Pearl International Hospital and continued efforts to attract foreign investments are among our strategic goals. Sustainability and community management will remain pivotal in maintaining The Pearl Island’s reputation as a preferred living and leisure destination. In Gewan Island, we anticipate the handover of Crystal Residence units and the launch of retail activity, marking a significant milestone.”

UDC is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, district cooling, infrastructure, and utilities as well as maritime and hospitality-related businesses.

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