UDC annual general assembly approves distribution of 5.5% cash dividend worth QR194.7mn

United Development Company’s (UDC) annual general assembly approved Sunday the distribution of 5.5% (5.5 Qatari dirhams per share) cash dividends amounting to QR194.7mn.The annual ordinary and extraordinary general assembly meeting was presided over by UDC chairman Ahmed bin Ali al-Hammadi in the presence of the company’s board of directors, representatives of the Ministry of Commerce and Industry, and shareholders, amongst others.Al-Hammadi said: "The company has achieved a net profit of QR401.7mn and total revenues of QR2.1bn. The net profit attributable to equity shareholders stood at QR402mn with basic earnings per share of QR0.114.”He added: "The proposed dividends for the year 2023 are in line with the value of the real estate projects that the company is continuing to develop. Looking forward to 2024, UDC renews its commitment to completing development projects on Gewan Island, attracting investors, buyers, and tenants, and actively contributing to the Qatari economy and tourism sector."Emphasis will continue on technological advancements and sustainability measures to enrich the stakeholder experience. UDC also plans to reactivate the operations of some of its key subsidiaries, with the aim of diversifying revenue sources, aligning with the evolving needs of the company as it transitions towards managing communities and exploring new revenue streams.”Ibrahim Jassim al-Othman, UDC president, CEO, and member of the board, stated: "In 2023, our overarching vision was to position The Pearl Island and Gewan Island prominently on the global investment map. Through a series of targeted roadshows and meticulously planned marketing initiatives, we successfully attracted attention from international investors seeking to benefit from Qatar's residency scheme, making UDC a preferred choice for both resident and non-resident foreign investors.”"Looking specifically at residential projects on The Pearl Island, we successfully met our annual targets for residential sales and leasing. The high tenant occupancy for both residential and retail spaces reflects the growing demand for our unique offerings and demonstrates our commitment to providing value and sustainable growth.”Al-Othman said the achievements further encompassed Gewan Island which witnessed significant progress in the completion of development and infrastructure works, as well as utility networks.The handover of retail units to tenants for fit-out preparations also contributes to accelerating the pace of completing Crystal Residence and Crystal Walkway, setting the stage for the island’s operation in 2024, he noted.Highlighting the company’s plans and prospects for 2024, al-Othman added: "The inauguration of The Pearl International Hospital and continued efforts to attract foreign investments are among our strategic goals. Sustainability and community management will remain pivotal in maintaining The Pearl Island’s reputation as a preferred living and leisure destination. In Gewan Island, we anticipate the handover of Crystal Residence units and the launch of retail activity, marking a significant milestone.”