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United Development Company commends the government's efforts in supporting the real estate sector
Al-Othman: “This decision supports the real estate sector, provides benefits to residents and investors and ensures sustainable growth”
In light of the decision issued by the Council of Ministers which defines areas in which non-Qataris may own real estate, benefit from it, and obtain immediate residency, Mr. Ibrahim Jassim Al-Othman, President, Chief Executive Officer and Member of The Board of United Development Company (UDC), highlighted the importance of this decision which supports the real estate sector, provides benefits to residents and investors and ensures sustainable growth. UDC is a leading Qatari public shareholding company and the master developer of The Pearl-Qatar and Gewan Island where freehold ownership is granted under the new decision.
Mr. Al-Othman also added: “We thank the wise leadership and the government for this decision, which aims to support the private sector in general and real estate development companies more specifically, by providing incentives and guarantees to attract foreign investment. This in turn benefits the national economy and aligns with the objectives of Qatar National Vision 2030, which seeks to achieve economic diversification, noting that the real estate sector has in recent years become a fundamental pillar of national development.”
Concluding his statement, Mr. Al-Othman said: “We expect that the coming period will witness an increased demand for properties as a result of the new decision and the privileges it carries to residents and investors, which will ensure the sustainable growth of the real estate sector, including our company. In this context, UDC will continue developing new and innovative projects at The Pearl-Qatar and Gewan Island, to enrich its investment portfolio with diverse and unique properties that offer the highest quality standards and open up broad horizons for those wishing to invest and reside in the State of Qatar.”
To further support the implementation of the new decision, offices have been allocated to the Ministry of Interior and Ministry of Justice in UDC’s Oyster building dedicated to sales and marketing activities, in order to facilitate the process of registering real estate and issuing residencies associated with the purchased properties.
UDC’s flagship projects include The Pearl-Qatar which is considered one of Doha’s most iconic sites, in addition to Gewan Island, which upon its completion, will add value to UDC’s property offerings as it includes a multitude of apartments and villa types with wonderful views, state-of-the-art entertainment facilities, a hotel, beach club and golf course as well as a vibrant shopping area and The Crystal Walkway and a seaside promenade both equipped with climate control, with several parks and green areas.