United Development Company Explained

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]

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, 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.

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:

External links

Notes and References

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

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