UDC shareholders approve raising percentage of non-Qatari ownership to 49%

United Development Company’s Extraordinary General Assembly Meeting yesterday approved an amendment that facilitates increasing the percentage of non-Qatari ownership in the company’s shares to 49% instead of 25%.This is in accordance with Law Number (09), 2000, regulating the investment of non-Qatari capital in the economic activity.The meeting also approved an amendment of the Company’s Articles of Association to comply with the Commercial Companies Law No. (11) 2015, and the Corporate Governance Code No. (4) 2014, while authorising the company’s chairman to approve these amendments.UDC Chairman Turki al-Khater, who presided over the meeting held at The Oyster at The Pearl-Qatar, said the amendments were expected to contribute to Qatar’s economic diversification programme while enhancing UDC’s strategic economic standing and growth by developing the business environment in order to promote foreign investment in the country.  “In the same breadth, UDC’s flagship development, The Pearl-Qatar is well-positioned to benefit from these amendments as a unique and attractive destination for foreign investors and retailers looking to maximise their returns and diversify their investment portfolios”, he further added.UDC president & CEO Ibrahim al-Othman said, “UDC has always been at the forefront of economically sustainable projects, and the amendment made to the Articles of Association further promotes efficiency and corporate governance, which in turn serve to fulfil the economic requirements needed to achieve the Company’s developmental objectives in the long term.”UDC had announced earlier last month its financial results for Q1, 2016, reporting a revenue increase by 15%.  Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company, Ronautica Middle East, Madinainova, United Technology Solutions and The Pearl Owners Corporation among many others. UDC’s target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services.