• Ahmed Al-Hammadi: “Our total revenue for the year reached QR 1 billion, with net profit attributable to equity shareholders amounting to QR 426 million”

• Yasser Al-Jaidah: “Despite facing several challenges, UDC’s proactive planning and strong operational performance enabled us to meet key milestones and deliver critical projects ahead of schedule”

Doha, Qatar – 13 March 2025 - United Development Company (UDC), a leading Qatari public shareholding company and master developer of The Pearl and Gewan Islands, held its Annual General Meeting (AGM), chaired by H.E. Mr. Ahmed Ali Al-Hammadi, Chairman of the Board.
The meeting saw the approval of significant decisions, including the distribution of cash dividends amounting to QR 194,747 million, which represents 5.5% of the share par value. Along with the approval of dividends, the AGM also reviewed UDC’s robust financial performance for the year ending 31 December 2024.
Additionally, UDC’s financial statements for the year ending December 31, 2024, were approved by the Assembly along with the appointment of Ernest & Young as the Company's external auditor for 2025. 

With regards to UDC’s new Board of Directors, three seats were allocated to the General Retirement & Social Insurance Authority (Civil and Military Funds) and the Assembly further elected new Board Members for the next 3 years’ term (from 2025 to 2027) as follows: 

- H.E. Ahmed Ali Al-Hammadi
- H.E. Abdulla Hamad Al-Attiyah
- Mr. Nasser Jaralla Al-Marri
- Mr. Ali Hussain Al-Fardan
- Mr. Ibrahim Jassim Al-Othman
- Mr. Abdulaziz Mohamed Al-Mana
- Mr. Abdulrahman Saad Al-Shathari
- Mr. Mohammed Yaser Al Mosallam
- Mr. Ahmad Abdullah Ahmad Al-Hammadi

2024 Financial Results

In his speech, H.E. Mr. Ahmed Ali Al-Hammadi shared the company’s impressive financial performance for 2024. "UDC achieved a net profit of QR 427 million, reflecting a strong 6% increase compared to 2023. Our total revenue for the year reached QR 1 billion, with net profit attributable to equity shareholders amounting to QR 426 million. Furthermore, basic earnings per share stood at QR 0.120” he stated.

Al-Hammadi emphasized that the proposed dividends align with the ongoing value creation from UDC’s real estate projects and the expected cash flows for 2025. These results reflect the ongoing efforts in line with UDC’s five-year business plan, which is designed to ensure sustainable growth and long-term value for shareholders.

CEO’s Remarks on 2024 Success and Future Plans

Mr. Yasser Salah Al-Jaidah, President and CEO of UDC, reflected on the company’s significant achievements in 2024, noting, "Despite facing several challenges, UDC’s proactive planning and strong operational performance enabled us to meet key milestones and deliver critical projects ahead of schedule."

He highlighted the successful completion of Gewan Island. The development of the Corinthia Hotel and Solymar Beach Club is also on track. Furthermore, the opening of The Pearl International Hospital is a major milestone, providing a valuable healthcare resource and enriching the community on The Pearl and Gewan Islands

Sustainability Efforts and Environmental Commitment

Sustainability continued to be a central focus for UDC throughout 2024. The company achieved significant recognition for its environmental and sustainability efforts, including earning several prestigious awards. Among these were the Guinness World Records certifications for the largest outdoor air-conditioned mall, the largest outdoor interactive lighting canopy, and the largest pneumatic waste management network. These accomplishments demonstrate UDC’s unwavering commitment to environmental responsibility and sustainable development practices.

Plans for 2025 and Beyond

Looking ahead, Mr. Yasser Salah Al-Jaidah outlined UDC’s strategic goals for 2025 and beyond, emphasizing the company’s commitment to driving continued development and delivering long-term value. "We remain focused on advancing key projects, along with working on securing the high-impact residential and commercial projects. These developments are vital to our long-term vision and will further enhance the value for our shareholders and investors as we continue to execute on our business plan."

UDC is dedicated to maintaining its leadership in Qatar’s real estate and development sectors, ensuring the growth and diversification of its portfolio, and fostering lasting contributions to the local economy.

About UDC

United Development Company (UDC) is a leading Qatari public shareholding company specializing in real estate development, property management, district cooling, infrastructure, and hospitality. Established in 1999 and listed on the Qatar Exchange in 2003, UDC plays a vital role in Qatar’s economic development, striving to deliver sustainable, long-term value to its shareholders and contribute to the growth of the country’s economy.
UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime and hospitality related businesses.