UDC unveils plan to invest QR5.5bn in new projects

United Development Company (UDC), the master developer of The Pearl-Qatar (TPQ), announced yesterday to invest QR5.5bn as part of its five-year business plan to develop new projects.

These funds are expected to be spent on various projects including the development of the Gewan Islands and some other residential and commercial projects in the Gewan as well as in TPQ.

“We are planning a number of projects and most of them are residential projects within The Pearl. These projects also include the construction of a school (United School International), Gewan Islands which will be having different types of accommodations and other facilities, including a golf course,”  UDC Chairman Turki bin Mohammed Al Khater told The Peninsula on the sidelines of the company’s Annual General Assembly meeting, yesterday.

Al Khater added: “In addition to all these projects, we are also planning to develop some commercial complexes and other facilities, including a hospital in The Pearl. However, we are still discussing about the hospital project with potential partners to develop the healthcare facility for the residents of TPQ and others.”

Asked about more details whether it would be a general hospital or a super-specialty medical centre, he said that things are still not very clear but it would be a 100 to150 bed hospital providing world-class healthcare services.

Al Khater presided over the yesterday meetings (Ordinary and Extraordinary General Assemblies), which approved all the items on the agenda, including the Board’s recommendation for a dividend distribution of QR354.086m representing 10 percent of share capital (equal to QR1 per share).

The meeting elected six new members to UDC’s Board of Directors, representing the private sector, for the period 2019 – 2021, who are: Sheikh Faisal bin Fahed Al Thani( representing himself); Ali Hussain Al Fardan (representing Al Fardan Holding); Ibrahim Jassim Al Othman (representing himself); Abdulaziz Mohamed Al Mana (representing himself); Abdulrahman Abdullah Al Abdulghani (representing himself); and Abdulrahman Saad Al Shathri (representing himself).

While three seats have been allotted to board members representing the State of Qatar, which completes the number of the Company’s board members of nine, as follows: Turki bin Mohammed Al-Khater (representing the Civil Fund of the General Retirement and Social Insurance Authority); Mubarak Ali Mubarak Al Nuaimi (representing the Civil Fund of the General Retirement and Social Insurance Authority); and Nasser Jaralla Al Marri (representing the Military Fund of the General Retirement and Social Insurance Authority).

Elaborating on UDC’s 2018 activities and financial results, Al Khater said: “The Company has achieved a net profit of QR544m and total revenues of QR1.6bn. The net profit attributable to shareholders of the parent company was QR501m with basic earnings per share of QR1.41.”

“The financial results achieved amid challenging circumstances demonstrate that UDC has embraced a viable business model that would enable the Company to sustain sound financial results during difficult times, given our flexibility to access diversified revenue streams from the sale of real estate and the rental of residential and commercial units,” he added.

Ibrahim Jassim Al Othman, UDC President and CEO and Board Member, said 2018 marked another successful year for UDC with the achievement of good financial results and the completion of numerous developments projects across The Pearl-Qatar while enhancing customer experience for residents, visitors and retailers on the Island.

“The sound financial results for 2018 were driven primarily by a combination of the sale and lease of real estate properties, as well as cost efficiencies…,”he added.

Source from: The Peninsula