United Development Company

Last updated
United Development Company
Native name
المتحدة للتنمية
Company type Public
United Development (UDCD)
IndustryInvestment
Founded1999
Headquarters
Doha
,
Qatar
Key people
Ahmed Al Hammadi (Chairman)
Subsidiaries Hospitality Development Company
Qatar District Cooling Company
Ronautica Middle East
Madina Inova
The Pearl Owners Corporation
Website www.udcqatar.com

United Development Company Q.P.S.C. (UDC) is a Qatari public shareholding company. [1] It 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 Island, [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 Island. [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 Island. [10]

Projects

The Pearl Island, 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 Island 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 Island". 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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