Net profit of QR 150 million and revenues of QR 829 million

Doha, Qatar - July 24, 2024: United Development Company (UDC), the master developer of The Pearl and Gewan Islands announced its financial results for the first half of 2024, reporting net profit of QR 150 million and revenues of QR 829 million. The net profit attributable to the equity shareholders was QR 145 million and basic earnings per share were QR 0.041.

UDC's development trajectory at The Pearl Island continues with The Pearl International Hospital, which is nearing completion and scheduled to open in Q3 2024. This facility is expected to generate a consistent and long-term revenue stream for UDC. Additionally, UDC is completing the development of luxury residential villas in Costa Malaz, alongside sustained revenue from residential sales and leasing, as well as retail leasing activities at The Pearl Island.

At Gewan Island, development efforts are progressing at an accelerated pace. Crystal Residence buildings are on track, complemented by the preparation to launch retail operations by the investors along Crystal Walkway later this year. Gewan Island is poised to become a globally renowned destination, seamlessly integrating luxury residences with a diverse array of recreational offerings. This harmonious blend will provide an unparalleled experience for both local residents and international visitors, setting a new benchmark for lifestyle and entertainment.

The first half of 2024 also saw UDC reactivating its marketing and advertising subsidiary, SCOOP. This subsidiary now offers a comprehensive suite of marketing services, including strategic outdoor ad placements around The Pearl Island, thereby enhancing brand visibility and leveraging the diverse community residing or visiting the island.

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 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 19.5 billion as of 30 June 2024. 

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