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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