(MENAFN) United Development Company (UDC), a prominent Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, convened its Ordinary and Extraordinary General Assembly Meetings at The Oyster building on The Pearl Island. Chaired by Ahmed bin Ali Al Hammadi, UDC Chairman, the meetings were attended by the UDC Board of Directors, Ministry of Commerce and Industry representatives, external auditors Ernst & Young, and shareholders.

During the Ordinary General Meeting, the Board of Directors adopted a Nomination Policy titled “Nomination Procedures and Criteria for Membership of United Development Company Board of Directors.” This policy aims to streamline the nomination process for board membership, ensuring transparency and efficiency in governance.

In the Extraordinary General Assembly, UDC shareholders approved the sale of 40 percent of the company's stake in Qatar District Cooling Company (Qatar Cool) to Qatar Investment Authority (QIA) for QR800 million. This strategic move demonstrates UDC's commitment to optimizing its portfolio and enhancing shareholder value.

Furthermore, the assembly approved an amendment to Article No. (9) of the Company’s Articles of Association (AOA) regarding foreign ownership percentage of the Company’s shares. This amendment allows for the possibility of reaching 100 percent foreign ownership of UDC shares, providing greater flexibility and access to international investment opportunities. The Chairman of the Board of Directors was authorized to approve this amendment, reflecting UDC's proactive approach to adapt to evolving market dynamics and investor preferences.

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