UDC approves strategic sale of 40% stake in Qatar Cool

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Doha, Qatar: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, held its Ordinary and Extraordinary General Assembly Meetings yesterday, at The Oyster building at The Pearl Island.

The meeting was chaired by Ahmed bin Ali Al Hammadi, UDC Chairman, and was attended by UDC Board of Directors, representatives of the Ministry of Commerce and Industry, UDC’s external auditors Ernst & Young, and the Company’s shareholders.

During the Ordinary General Meeting, the Board of Directors adopted the Nomination Policy titled “Nomination Procedures and Criteria for Membership of United Development Company Board of Directors.”

UDC Chairman Ahmed bin Ali Al Hammadi with Board of Directors and officials during the meeting.

The Extraordinary General Assembly further approved the sale of 40% of United Development Company’s stake of 91.06% in Qatar District Cooling Company “Qatar Cool” to Qatar Investment Authority (QIA) for a proceed of QR800m. Additionally, it approved amending Article No. (9) of the Company’s Articles of Association (AOA) regarding foreign ownership percentage of the Company’s shares to possibly reach 100% and authorized the Chairman of the Board of Directors to approve the amendment.

The approval of these agenda items marks a pivotal step in UDC’s strategic growth and commitment to enhancing shareholder value, providing the Company with a substantial influx of financial resources. This financial boost will enable UDC to invest in core projects and drive further innovation within The Pearl and Gewan Islands. Additionally, the sale of a significant stake in Qatar Cool to QIA strengthens UDC’s financial position and ensures that Qatar Cool benefits from QIA’s expertise, enhancing its operational efficiency and competitiveness as a premier investment product. The partnership with QIA is also expected to bolster Qatar Cool’s capabilities, aligning with UDC’s long-term vision of sustainable development and operational excellence.

The meeting concluded with a reaffirmation of UDC’s dedication to its strategic objectives, ensuring sustained growth and value creation for its stakeholders.

UDC is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. Established in 1999, the Company was first listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR3.5bn and total assets of QR19.5bn as of 31 March 2024.

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