18 May 2016
Doha, Qatar - United Development Company (UDC), one of Qatar's leading public shareholding companies and master developer of The Pearl-Qatar, held its Extraordinary General Assembly Meeting (EGM) on Tuesday 17 May 2016 at 4:00 PM. The meeting was held at The Oyster at The Pearl-Qatar.

The quorum was met in the presence of the majority of board members.

During the Extraordinary General Meeting, all motions proposed by the Board of Directors were adopted with respect to:

1-      Amendment of the Company's Articles of Association to comply with the Commercial Companies Law No. (11) 2015, and the Corporate Governance Code No. (4) 2014, while authorizing the Company's Chairman to approve these amendments.

2-      Increase of the percentage of non-Qatari ownership in the Company's shares to become (49%) instead of (25%) according to law No. (09), 2000 regulating the investment of non-Qatari capital in the economic activity.

The meeting was called to order by H.E Turki Al Khater, UDC Chairman who said the amendments are expected to contribute to the State of Qatar's economic diversification program while enhancing UDC's strategic economic standing and growth by developing the business environment in order to promote foreign investment in the State.

"In the same breadth, UDC's flagship development, The Pearl-Qatar is well-positioned to benefit from these amendments as a unique and attractive destination for foreign investors and retailers looking to maximize their returns and diversify their investment portfolios", he further added.

For his part, Mr. Ibrahim Al Othman, UDC President & CEO stated, "UDC has always been at the forefront of economically sustainable projects, and the amendment made to the Articles of Association further promotes efficiency and corporate governance which in turn serve to fulfill the economic requirements needed to achieve the Company's developmental objectives in the long term."

UDC had announced earlier last month its financial results for Q1 2016, reporting a revenue increase by 15%.

Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company, Ronautica Middle East, Madinainova, United Technology Solutions and The Pearl Owners Corporation among many others. UDC's target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services.

-Ends-

FOR MORE INFORMATION:
UDC Corporate Communications
communications@udcqatar.com

© Press Release 2016