United Development Company

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]

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]

The following are United Development Company's major subsidiaries:

• Hospitality Development Company (HDC) - founded in 2007 and focused in the development and operation of hospitality establishments such as restaurants and food outlets.[17]
• Madina Innova O.M.C.[18] - founded in 2010 for facilities management for residents of The Pearl Island.[19]
• Ronautica Middle East (RME) - incorporated in 2007, and focusing on marina management and nautical services.[20]

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

• Qatar District Cooling Company (Qatar Cool) - established in 2003 to provide district cooling for The Pearl Island and Qatar's West Bay District with their latest plant becoming the first LEED-certified cooling plant in Qatar.[21]
• United Readymix W.L.L.[22] - a joint venture for the production of ready-mix concrete, formed between UDC, BESIX and Six Construct of Belgium and other Qatari investors.[23]

• Official website