• Al-Khater: “The proposed dividends are in line with the value of real estate projects that UDC is continuing to develop and the cash outflow that will be spent in 2023”
• Al-Othman: “Delivery of ‘The Pearl International Hospital’ at The Pearl Island as well as Gewan Island’s infrastructure and ‘Crystal Residence’ by end of 2023”

Doha-Qatar, 6 March 2023: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, held its annual ordinary general assembly meeting yesterday Monday, March 6 at United School International School at The Pearl Island.

The meeting was chaired by H.E Mr. Turki bin Mohammed Al-Khater, UDC Chairman 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 were adopted as follows:

1. Hear the Board of Directors’ report on the Company’s performance, future and its financial position for the fiscal year ending December 31, 2022.
2. Hear and ratify the Auditor’s report, the Company's balance sheet, and the loss and profit accounts, for the fiscal year ending December 31, 2022.
3. Discuss and approve the Company's balance sheet, and the loss and profit accounts, for the fiscal year ending December 31, 2022.
4. Hear the External Auditor’s Reports in accordance with Article (24) of the Corporate Governance Code for Companies & Legal Entities listed on Qatar Stock Exchange issued by Qatar Financial Market Authority, Board Decision No (5) of 2016.
5. Discuss the Board of Directors’ recommendation regarding the distribution of QR 194,747 million as dividends, equivalent to 5.5% of the initial value of 5.5 Qatari Dirhams for each share.
6. Discharge the members of the Board of Directors from liability for the year ending December 31, 2022 and approve their remuneration.
7. Approve Corporate Governance Report for the year 2022.
8. Appoint ‘Ernst & Young’ as the External Auditor for the fiscal year 2023 and determine their fees.

H.E Mr. Turki bin Mohammed Al-Khater, presented the Company’s activities and its financial results for the year 2022.

He said: “The Company has achieved a net profit of QR 390 million, an increase by 10% from 2021 figures and total revenues of QR 1.8 billion. The net profit attributable to equity shareholders stood at QR 388 million with basic earnings per share of QR 0.110, which marked an increase of 20% compared to 2021”. 

Al-Khater further added: “The proposed dividends for the year 2022 are in line with value of the real estate projects that the Company is continuing to develop and cash out flow that will be spent on these projects during the year 2023 in accordance with the UDC’s five-year business plan.”  

Concluding his statement, H.E. Mr. Al-Khater said: “For 2023, UDC renews its pledge to shareholders to complete its development projects on The Pearl and Gewan Islands and attract potential investors, buyers and tenants, and to also play an active role in supporting the Qatari economy and promoting Qatari tourism, the latter increasingly gaining importance in recent times.”

For his part, UDC President, CEO and Member of The Board, Mr. Ibrahim Jassim Al-Othman, described the year 2022 as being a momentous year for UDC evidenced by the achievement of various strategic projects and noteworthy successes. He stated: “Despite the multiple challenges, our proactive planning and readiness as well as our steady operational performance, have enabled us to deliver our planned development projects ahead of the World Cup, as well as achieve full visitor capacity.”

Mr. Al-Othman added: “Looking at residential projects on The Pearl Island; we have successfully delivered the remaining Giardino Gardens villas as well the three Floresta Garden villa compounds. This was accomplished in parallel to the launch of a series of recreational facilities and attractions including Duck Lake, Beach Centrale, The Pearl Fountain and The Pearl Photo Walk, in addition to Corinthia Yacht Club and Kai’s Songbird Restaurant from Mayfair on its ground level. We also signed a strategic cooperation agreement with Monaco Marina Management (M3) and the Yacht Club de Monaco and witnessed the official opening of United School International that provides high standard education and facilities”.
Mr. Al-Othman indicated that the achievements further encompassed Gewan Island which witnessed the opening of Gewan Bridge and Abraj Quartier Bridge, in addition to the inauguration of Corinthia Golf Club as a qualitative addition to Qatar’s hospitality and recreational sectors. He also revealed that works have progressed in Crystal Residence buildings reaching 75% as well as Corinthia Hotel and Beach Club, and the air-conditioned outdoor Crystal Walkway.

Highlighting the Company’s plans and prospects for 2023, Mr. Al-Othman said: “Delivering ‘The Pearl International Hospital’ at The Pearl Island as well as Gewan Island’s infrastructure and ‘Crystal Residence’ by end of the year, translates our vision and commitment to our business plan for the benefit of investors and shareholders.”

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. Established in 1999, the Company was first listed on the Qatar Exchange in June of 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 20.9 billion as at 31 December 2022. 
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.