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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,[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:

  • 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]

References

  1. ^ a b "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. ^ a b 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. ^ a b "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. ^ a b c "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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