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United Development Company (UDC) announced the release of its financial report for the year 2017 with a net profit of QAR 608 million on revenues of QAR 2 billion. The net profit attributable to owners of the company is QAR 538 million and basic earnings per share is QAR 1.52.

UDC Chairman Turki bin Mohammed Al-Khater said that despite the economic uncertainties that prevailed during the year, 2017 results were still positive and demonstrates that UDC has a viable business model with the flexibility necessary to access diversified revenue streams to sustain satisfactory financial results even in turbulent times.

The foundation for UDC’s financial stability is drawn from the great variety of attractive properties currently available and the exciting new properties under development at The Pearl-Qatar that are set within a safe, secure and self-sufficient community.’

Al-Khater also highlighted that UDC’s business strategy remains focused on creating opportunities and partnerships, achieving growth, minimising risks and sustaining progress.

The Board has astutely directed the company to progress the new opportunities that are being generated on the island so that UDC can continue to profit from the mutually beneficial relationships that businesses at The Pearl-Qatar naturally attract.

2017 has been a satisfactory year for UDC, even under less than stellar economic conditions, with the maturation and development of The Pearl-Qatar rounding into form in a most desirable fashion.’

UDC President and CEO Ibrahim Al-Othman described 2017 as another productive year for UDC with good financial results achieved under challenging conditions, the pace of development of The Pearl-Qatar accelerating in a cost effective manner and the customer experience of residents, retailers and visitors  being further enhanced.

Key developments on the island that are currently in progress include Al Mutahidah Towers, Giardino Village, and Floresta Gardens. Each of these developments are designed with specific intention of further enhancing and diversifying the residential offerings on the island, attracting more investors, residents, visitors and retailers, and sustaining The Pearl-Qatar’s viability for years’ to come.

A special new island project, will also be launched this year. The island is an extension of The Pearl-Qatar and a continuation of UDC’s commitment to deliver exceptional lifestyle experiences. Continuously improving ‘customer experience’ of residents, retailers and visitors has always been a high priority for UDC.  In 2017, several notable enhancements were realised, including:

  • Opening of Khadamati, a one-stop service centre in Medina Centrale, to assist residents, retailers and visitors with a variety of government and non-government services
  • Opening of two new tunnels at The Pearl Interchange along the Lusail Expressway by the Public Works Authority (Ashghal), which has greatly eased the traffic flow to and from the island.
  • Additional free public wi-fi services to all retail public areas
  • Revamping The Pearl-Qatar’s mobile application and website
  • Additional new prayer rooms for men and women throughout the island and, most importantly,

The Board of Directors will hold the annual general assembly meeting of the company on 21 March  at The Pearl-Qatar’s Marsa Malaz Kempinski Hotel, Palazzo Ballroom. In the absence of a quorum, an alternative meeting will be held on 28 March, same place and time.

“Sushiminto"/
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