United Development Company Announces 2024 Financial Results

Doha, Qatar: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, announced its financial results for the year 2024 achieving net profit of QR427 million and revenues of QR1 billion. The net profit attributable to equity shareholders stood at QR426 million, and basic earnings per share amounted to QR0.120 with proposed dividends of 5.5%.

Commenting on these results, UDC Chairman, HE Ahmed bin Ali Al Hammadi, said:“This year, UDC has remained committed to sustainable growth, focusing on strong revenue sources from residential sales, leasing, and retail leasing. Gewan Island, now open and operational, represents a significant milestone in our development efforts, while The Pearl Island continues to evolve into a model for sustainable living.”

HE Al Hammadi went on to say:“Gewan Island has seen significant progress in its development, with commercial spaces now handed over to tenants to begin their interior fit-out work. Additionally, housing units are being handed over to owners.”

HE Al Hammadi wrapped up his statement by saying:“Looking ahead to 2025, UDC is dedicated to advancing the remaining projects on Gewan Island, following its successful inauguration in 2024. Our efforts will continue to focus on attracting investors, buyers, and tenants, while actively supporting the growth of Qatar's economy and tourism sector.”

UDC President and CEO, Yasser Salah Al Jaidah, remarked:“In 2024, the primary goal was to position The Pearl and Gewan Islands as key destinations on the global investment map. Through targeted roadshows and carefully crafted marketing campaigns, being successfully attracting international investors keen to capitalize on Qatar's residency program, establishing UDC as a preferred choice for both local and foreign investors.”

Al Jaidah continued:“Focusing on the residential projects at The Pearl Island, the company achieved its targets for both residential sales and leasing. The high occupancy rates in both residential and retail spaces are a clear testament to the growing demand for our unique offerings and reflect our commitment to delivering value and fostering sustainable growth.”

He further highlighted the notable progress on Gewan Island, where substantial advancements have been made in development, infrastructure, and utility networks. The handover of retail units to tenants for fit-out preparations has also played a key role in accelerating the completion of Crystal Residence and Crystal Walk, setting the stage for the island's full operation in 2024.

In 2024, UDC's dedication to excellence was highlighted through the receipt of prestigious accolades including an impressive range of prestigious awards in recognition of its outstanding achievements. These include the Green World Awards, where UDC earned the Green World Champion in Energy Management, Gold Awards in Innovation and Pollution & Emission Control, Silver Awards in Corporate Social Responsibility, Sustainability, Waste Management, and Sustainable Water Management, and a Bronze Award in Conservation & Wildlife Projects.

Additionally, UDC was honored with the 2024 Stevie Award for Community Services, recognizing Ittisal Call Center's excellence in Customer Services and Contact Centers.

Other accolades include the Green Apple Awards for Building & Construction 2024 for Energy Savings, Pollution and Emission Reduction, Energy Management, Waste Management, and Water Efficiency; the Business Continuity Global Award from CIR Magazine (UK); the Best CSR Initiative Award in the Real Estate Sector at the Qatar CSR Summit; the GCC Sustainable Energy Management Award by Tarsheed - Kahramaa in 2024; the 2024 Corporate Social Responsibility Excellence Award; the Distinction International Safety Award 2024 from the British Safety Council; Best Cloud Transformation Project 2024 and Best Digital Transformation Leader 2024 at the Middle East Enterprise AI & Analytics Summit; and Silver Awards for Most Popular Marina (Public Vote) and Sustainability, along with a Bronze Award for Innovation at the Abu Dhabi Maritime Award 2024.

UDC also witnessed notable technological advancements, marked by the introduction of digital phone access to replace physical access cards for residents. This transition streamlined access control measures, contributing to increased convenience. Additionally, UDC embraced digital transformation by launching a new website and mobile application for The Pearl Island, aimed at providing enhanced services and convenience to its stakeholders.

Highlighting the Company's plans and prospects for 2025, Al Jaidah said:“Our ongoing efforts to attract foreign investments remain key strategic objectives. Sustainability and community management will continue to be central in preserving The Pearl Island's status as a top choice for living and leisure. On Gewan Island, with Crystal Residence now open and some retail activities are up and running, we are excited to mark these significant milestones as part of the island's continued development.”

UDC is a prominent Qatari public shareholding company dedicated to identifying and investing in long-term projects that support Qatar's growth and deliver strong value to its shareholders. Founded in 1999, the company was listed on the Qatar Exchange in June 2003. As of December 31, 2024, UDC boasts an authorized share capital of QR 3.5 billion and total assets amounting to QR 18.7 billion.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, district cooling, infrastructure, and utilities as well as maritime and hospitality-related businesses.

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