United Development Company (UDC), one of Qatar's leading public shareholding companies, held its Ordinary Annual General Meeting (AGM) on Wednesday, February 25th, 2008 at 6:30 PM. The meeting was held for the first time at The Pearl-Qatar island, marking the end of the first phase of construction works of UDC's QR50 billion plus (US$ 14 billion) flagship project.
The AGM reviewed and approved the following:
Board of Directors report on the Company's activities, financial position for the financial year ending 31st December 2008, and future planning.
Auditor's report on the Company's accounts for the financial year ending 31st December 2008.
Approval of the Company's Balance Sheet, the Profit and Loss Accounts for the financial year ending 31st December 2008, cash dividend payment to the shareholders.
Releasing the members of the Board of Directors from liability for fiscal/financial year ending 31st December 2008, and determine their bonuses.
Appointment of an external auditor for the financial year 2009 and approval of the auditor's fees.
UDC rests upon resilient foundations, supported by the political, social and economic stability of Qatar.
"The year 2008 has shown us that UDC rests upon resilient foundations. The political, social and economic stability of Qatar is not only a result of our mineral wealth, but also of the sustained wisdom and foresight of our country's leadership," said Hussein AlFardan, UDC Chairman.In elaborating a vision for Qatar in 2030, His Highness the Emir, Sheikh Hamad Bin Khalifa Al Thani, has mapped an evolutionary path to harmonize traditional values with social justice and lasting economic prosperity. UDC aligns itself closely with this long-term vision and continues to contribute towards its sustainable development."
Presenting a report on the Company's financial performance, Khalil Sholy, UDC's Managing Director and President said that 2008 has been a year of solid performance across the UDC portfolio of projects and operations: "Revenues for 2008 have exceeded QR2.1 billion, an 18% year on year increase, and our net profit and earnings per share have similarly improved, by 100% and 72% to QR687 million and QR5.44 respectively.""These results not only emphasize the effectiveness of our approach to doing business; they are also a testament to the operational skills that we bring to the array of projects and enterprises we manage within UDC," he added.
Sholy: "We remain vigilant for both the opportunities and the threats that accompany periods of uncertainty in world markets .
Sholy also expressed his confidence in the common strategic purpose that continues to enhance the broad scope of UDC's business activities, against a challenging global economic situation: "We remain vigilant for both the opportunities and the threats that inevitably accompany periods of uncertainty in world markets." UDC also confirmed that new projects are moving ahead in line with their ambitious schedules and announced the operational progress across its array of projects and partnerships including the establishment of two new fully owned ventures: SCOOP, an outdoor advertising company and a marketing & communications agency, and The Pearl for Management and Operations, a project development and asset management company, providing world-class infrastructural services at The Pearl-Qatar and prospectively for other international urban development projects.Other achievements include:
At the end of 2008, the first phase of The Pearl-Qatar's development at Porto Arabia was completed, marked by a visit from their highnesses Sheikh Hamad Bin Khalifa Al Thani and Sheikh Tamim Bin Hamad Al Thani, their excellencies the Prime Minister, the Minister of Finance and the Minister of Municipal Affairs, along with presidents, prime ministers and dignitaries from all over the world. Already a must-see attraction for international visitors, The Pearl-Qatar achieved international recognition for excellence in design and construction, and acquiring property on The Pearl-Qatar continues to attract unprecedented interest from buyers and investors in more than 52 countries.
United Fashion Company (UFC) (a 100% fully owned subsidiary of UDC) launched the opening of a series of luxury brand stores on The Pearl-Qatar, some of which are the first in the region. - Hospitality Development Company (HDC) (a wholly owned hospitality subsidiary of UDC) signed regional agreements with brands such as Chocolate Bar New York City, MEGU and Pampano (all New York), Burj Al Hamam and La Tabkha (Lebanon), and Liza and Tse Yang (Paris).Middle East Dredging Company (MEDCO), a UDC JV, secured new contracts with Abu Dhabi Al Khaimah and Dubai. MEDCO has also obtained work, as part of a consortium, on the prestigious Qatar-Bahrain Causeway project.
Qatar Cool, a UDC JV, completed the first phase of the world's largest district cooling plant at The Pearl-Qatar with a capacity of 130,000 tons of refrigeration, and has signed supply contracts to deliver 67,000 tons of refrigeration to 44 major towers across the West Bay district's 10 square kilometers.
United Ready Mix, a UDC JV: in addition to its central role at The Pearl-Qatar, 25% of concrete output of the production units available at the Island is already supplying neighboring developments.-Ends-
© Press Release 2009
