United Development Company (UDC), master developer of The Pearl-Qatar, announced its financial results for the first quarter of 2018, reporting a net profit of QAR 220 million on revenues of QAR 528 million. The net profit attributable to the equity shareholders stood at QAR 215 million and basic earnings per share was QAR 0.61.

UDC Chairman Turki bin Mohammed Al-Khater said he was pleased to see such performance, given the challenging economic conditions that prevailed. These results, according to him, are especially noteworthy when considering they are a product of UDC’s existing portfolio. With many new developments coming up at The Pearl-Qatar to compliment the properties already in operation, it shows that the future is indeed bright for UDC.

UDC President and CEO Ibrahim Al-Othman said that the company witnessed a steady increase in the retail leasing occupancy rate at The Pearl-Qatar.

The volume of leased retail properties during Q1 2018 increased by 20% compared to the first quarter of 2017. UDC has also concluded a major lease agreement with a corporate tenant covering 285 residential units at Medina Centrale commencing in Q2 of 2018.’

Al-Othman also said he was pleased to see UDC getting off to a good start in 2018.

Community service is also part of UDC’s planned developments, with structures such as mosques, an international school and a general hospital included in their plan.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, maritime related businesses, and hospitality.

For more information and updates about UDC, visit their website at udcqatar.com.