Net profit of QR 390 million, revenues of QR 1.8 billion
and proposed dividends of 5.5%

• Al-Khater: “2022 was about exceptional achievements, and our goal in 2023 is to build on the increased real estate demand in the residential and retail sectors on Gewan Island”

• Al-Othman: “The Pearl Island achieved its maximum capacity during the World Cup and 2023 will build on this momentum with the delivery of Gewan Island”

Doha, Qatar – 8 February 2023: 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 2022 achieving net profit of QR 390 million and revenues of QR 1.8 billion. The net profit attributable to equity shareholders stood at QR 388 million, and basic earnings per share amounted to QR 0.110 with proposed dividends of 5.5%.

Commenting on these results, UDC Chairman, H.E. Mr. Turki bin Mohammed Al-Khater said: “The past year was full of achievements that speak for themselves as we managed to distinguish ourselves in every field and reach the world through our sustainable real-estate and investment projects as well as our firm commitment to fulfilling our promises, especially in accelerating the delivery of projects before the start of the World Cup.”

H.E. Mr. Al-Khater further continued: “We have been waiting for this event for many years and planned it carefully and devotedly to achieve the maximum benefit in terms of strengthening the position of The Pearl Island as an international leisure and tourism destination. Our policies and strategies were therefore aligned with the vision of our wise leadership in supporting the growth of the tourism sector, aiming to build a diversified and vibrant national economy.”

“Thus, 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.”  

H.E. Mr. Al-Khater concluded his statement by saying: “Delivering new residential projects in 2022, reflected our proper World Cup investment, where we achieved a growth in property sales and rentals. Now, we are looking forward to 2023 to build on our accomplishments, mostly in Gewan Island, where we started observing a significant increase in real estate activity through sales and rental demands in the residential and retail sectors. As the year goes on, we expect to attract more discerning clients looking to invest in a promising community, while continuing to draw on the potential and to develop our projects at The Pearl Island which has proudly reached an international level with excellence.”

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, 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 as well as Corinthia Hotel and Beach Club, and the air-conditioned outdoor Crystal Walkway.

Sustainability was a major focus for UDC in 2022, as the Company’s efforts and initiatives were rewarded by the receipt of several accolades and certifications, including the ISO 14001 certification for environmental management from the British Standards Institution (BSI), which comes in the context of a long-term environmental policy, encompassing waste recycling, energy, and water preservation, as well as waste reduction. The Company’s Headquarters, UDC Tower, further received the reputable Global Sustainability Assessment System’s (GSAS) Operations Certificate in GOLD rating. 

These achievements were accompanied by the completion of a series of beautification projects through the increase of green spaces and parks, in addition to new decorative structures and fountains, as well as the introduction of enhanced free transportation services, pedestrian crossings, greater safety and security measures, and digital advertising screens. 

As a result of these projects, The Pearl Island achieved a record-breaking number of visitors in 2022, and a 90% score in its customer satisfaction survey, noting that the occupancy rate on the Island reached an unprecedented 92%, accompanied by the opening of 69 new retail brands.

Gewan Island equally experienced a significant demand, with multiple residential units sold and various retail spaces leased.

Based on the progress made in 2022, 2023 will therefore see these achievements amplified in terms of heightened real estate development and enhanced services, with the planned inauguration of The Pearl International Hospital and the completion of Crystal Residence units on Gewan Island. UDC will further draw benefit from the full occupancy and high exposure levels achieved during the World Cup, not to forget the residency incentives extended to property investors by means of the latest foreign ownership law.

Highlighting the Company’s plans and prospects for 2023, Mr. Al-Othman said: “Delivering Gewan Island’s planned projects 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.