Net profit of QR 401.7 million, revenues of QR 2.1 billion
and proposed dividends of 5.5%

Al-Hammadi: “UDC remains steadfast in its commitment to sustainable growth focusing on robust revenue streams derived from sales and leasing activities”

Al-Othman: “The inauguration of The Pearl International Hospital and operation of Gewan Island are among our strategic goals in 2024”

Doha, Qatar – 7 February 2024: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, announced its financial results for the year 2023 achieving net profit of QR 401.7 million and revenues of QR 2.1 billion. The net profit attributable to equity shareholders stood at QR 402 million, and basic earnings per share amounted to QR 0.114 with proposed dividends of 5.5%.

Commenting on these results, UDC Chairman, H.E. Mr. Ahmed bin Ali Al-Hammadi said: “In this transformative year, UDC has remained steadfast in its commitment to sustainable growth, focusing on robust revenue streams derived from residential sales, leasing activities, and retail leasing. Gewan Island stands as a beacon for future development, while The Pearl Island continues to evolve into a model for sustainable living.”

H.E. Mr. Al-Hammadi further continued: “Gewan Island has witnessed rapid progress in its development projects, with the commercial spaces handed over to tenants for the commencement of interior fit-out works. In parallel, the operationalization of Corinthia Club Golf in Gewan Island and Corinthia Yacht Club in Porto Arabia, at The Pearl Island, has opened new horizons for UDC in the realms of leisure and hospitality.”

“Thus, the proposed dividends for the year 2023 are in line with value of the real estate projects that the Company is continuing to develop.”  

H.E. Mr. Al-Hammadi concluded his statement by saying: “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, Mr. 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.”

Mr. 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.”

Mr. 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.

In 2023, UDC's dedication to excellence was highlighted through the receipt of prestigious accolades including Stevie Awards for Ittisal's exceptional customer service. The company's dedication to sustainability and corporate social responsibility was further highlighted by the reception of world-class awards, including two International Safety Awards from The British Safety Council, CSR Accreditation, and the Best CSR Award in Qatar.  The recognition extended to cultural contributions, with The Pearl Island receiving the Outstanding Cultural Experience at the Qatar Tourism Awards, solidifying its position as a cultural hub.

These achievements were accompanied by the introduction of seven ultra-fast electric vehicle chargers, coupled with the deployment of Qatar's first electric security vehicles, marking a groundbreaking stride towards sustainable and eco-friendly transportation. The inauguration of new Sea Cleaners, designed to preserve the marine ecosystem of The Pearl Island, further underscores UDC’s commitment to sustainability and environmental stewardship.

UDC also witnessed notable technological advancements, marked by the introduction of digital phone access to replace physical access cards for residents. This transition streamlined access control measures, contributing to increased convenience. Additionally, UDC embraced digital transformation by launching a new website and mobile application for The Pearl Island, aimed at providing enhanced services and convenience to its stakeholders.

Highlighting the Company’s plans and prospects for 2024, Mr. 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. 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 19.6 billion as at 31 December 2023. 
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.