United Development Company

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United Development Company Q.P.S.C. (UDC) is a Qatari public shareholding company., [1] and is Qatar's leading construction firm, [2] engaged in several industry sectors and operating subsidiaries in the segments of real estate development & construction, hydrocarbon & energy, hospitality & leisure, and infrastructure & utilities. [3]

Contents

History

Founded in 1999 as an urban development and investment company, in June 2003, it became listed in the Qatar Stock Exchange under the symbol: QE: UDCD.QA. [1]

One of the companies main activities is the development of 985 acres of land in a man-made island, known as The Pearl-Qatar, [2] into urban districts with supporting infrastructure including luxury housing & apartments, retail centers, educational & healthcare institutions, hotels, and marinas. [4]

In 2017, United Development Company reported revenues of $549 million, and a net profit of $166 million. [5]

In August 2018, the Qatari stock exchange had risen by 17 percent, which had recouped the exchange's losses due to the embargo. [6] In the same year, UDC witnessed an increase in residential and retail leasing business at their main real estate development, The Pearl-Qatar. [7] This was due to the fact that the man-made island, located 350 meters offshore of Doha's West Bay District, [8] had seen an increase in the number of rented residential properties & leased retails areas during the first half of 2018. [7]

The company has signed contracts for the development of Gewan Island, [9] which is claimed to be a $686 million project located next to The Pearl-Qatar. [10]

Projects

The Pearl-Qatar, developed by United Development Company, is "an artificial island spanning nearly four square kilometers" and was planned by architecture and design firm Callison. [11] It is a mixed-used development that spans 4.12 million sqm of reclaimed land with 32 km of coastline, and an estimated construction cost of $14 billion. [12]

As of 2015, the island was reportedly home to more than 56 nationalities [13] making up the more than 19,000 residents. This number reportedly grew to 27,000 residents in 2017. [14] Commercially, and as of September 2017, the island recorded 115,000 msq. of leased retail space. [15]

In April 2018, at an international real estate investment event, UDC signed contracts for the development of a new project called Gewan Island. [10] The Letter of Intent (LOI) was signed by UDC and Qatar National Bank for financing the development of the project. [16] Gewan Island, which is next to The Pearl-Qatar has an approximate area of 400,000 sqm with an expected built up area of 388,000 sqm. [10]

Subsidiaries & Joint Ventures

The following are United Development Company's major subsidiaries:

The below are UDC's more prominent joint-ventures:

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References

  1. 1 2 "United Development Company Q.P.S.C (UDC), Qatar - Stock Price, Company Details, News and Contacts - ZAWYA Markets, MENA Edition". www.zawya.com. Retrieved 2019-07-15.
  2. 1 2 Sherwood, Seth (2006-06-04). "Is Qatar the Next Dubai?". The New York Times. ISSN   0362-4331 . Retrieved 2019-07-15.
  3. ↑ "United Development Company QPSC, UDCD:DSM profile - FT.com". markets.ft.com.
  4. ↑ "United Development QPSC (UDCD.QA) Stock Price, Quote, History & News". finance.yahoo.com. Retrieved 2019-07-15.
  5. ↑ "UDC reports QR608m net profit for 2017". www.thepeninsulaqatar.com. Retrieved 2019-07-15.
  6. ↑ Ismail, Netty Idayu; Pacheco, Felipe (August 1, 2018). "Embargo Pain Soothed for Qatar as Stock Rout Evaporates". Bloomberg. Retrieved July 15, 2019.
  7. 1 2 "UDC reports QR279m net profit for H1, 2018". www.thepeninsulaqatar.com. Retrieved 2019-07-15.
  8. ↑ "Google Maps". Google Maps. Retrieved 2019-07-15.
  9. ↑ "UDC signs deals worth QR334m for Gewan Island development". www.thepeninsulaqatar.com. Retrieved 2019-07-15.
  10. 1 2 3 "PM unveils Gewan Island project". Gulf-Times (in Arabic). 2018-04-22. Retrieved 2019-07-15.
  11. ↑ "The Pearl – Qatar". CallisonRTKL. 2015-08-17. Retrieved 2019-07-15.
  12. ↑ Staff Writer. "The Pearl-Qatar". ArabianBusiness.com. Retrieved 2019-07-15.
  13. ↑ "The Pearl-Qatar Prepares for Earth Hour with Several Environmental Activities and Competitions". Marhaba l Qatar's Premier Information Guide. 2015-03-11. Retrieved 2019-07-15.
  14. ↑ "42% more residents in Pearl-Qatar registered in 3 years". thepeninsulaqatar.com. Retrieved 2019-07-15.
  15. ↑ "United Development Company". Industry-ME. 2017-09-11. Retrieved 2019-07-15.
  16. ↑ MENAFN. "Qatar- UDC & QNB sign LoI to finance Gewan Island project". menafn.com. Retrieved 2019-07-15.
  17. ↑ "Hospitality Development Company O.M.C.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2019-07-15.
  18. ↑ "Madina Innova O.M.C: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2019-07-15.
  19. ↑ ""Imdaad" to Undertake Cleaning Operations at The Pearl-Qatar". www.zawya.com. Retrieved 2019-07-15.
  20. ↑ "Ronautica Middle East Opens a Major New Section of Porto Arabia Marina at The Pearl - Qatar". www.zawya.com. Retrieved 2019-07-15.
  21. ↑ "Qatar Cool Expands Central Cooling to District Size | Sustainable Business Review". www.tsbreview.com. Retrieved 2019-07-15.
  22. ↑ "United Readymix W.L.L. (URM), Qatar - Company Information, Key People, Latest News and Contact Details - ZAWYA MENA Edition". www.zawya.com. Retrieved 2019-07-15.
  23. ↑ "United Readymix Celebrates Aluminum Anniversary, 10 Years of Operational Excellence". BESIX Concessions & Assets. 2017-05-02. Retrieved 2019-07-15.
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