Souq Al Medina
United Development Company (UDC), the master developer of The Pearl-Qatar, recorded a net profit of QR318m in the first half of 2017 (H1 2017). The net profit attributable to owners stood at QR284m. Basic earnings per share for the period is at QR0.80.
Turki bin Mohammed Al Khater, UDC Chairman said: “In the face of challenging conditions, UDC continued its good performance for the year, thereby strengthening its position as one of the region’s leading real estate developers.”
Al-Khater continued, “The first half of the year was unique on multiple levels. The Company accelerated its sales of land and urban development while continuing to develop its residential projects and retail outlet presence at the Pearl-Qatar, which increased revenues and bolstered The Pearl-Qatar’s position as an investment, tourism and leisure hub. These developments reflect our success in pursuing growth and our commitment to maintaining profitability and achieving annual growth targets.”
“We are committed to implementing the Company’s strategy with real estate development at its core. We will also continue to promote the treasures that The Pearl-Qatar have to offer and foster growth through a mix of development projects across diverse areas that aim to deliver rewarding financial returns while taking moderate and relatively acceptable risks,” he added.
Ibrahim Al Othman, UDC President and Chief Executive Officer, said: “The first half results are in line with our strategy to generate sustainable value for our shareholders and investors while utilising UDC’s leading position in the local market to attract more visitors to The Pearl-Qatar, thereby strengthening our position as a leading investment, shopping, leisure and residential hub”.
“Our results reflect a 32 percent increase in revenues during the first half of 2017 compared to the same period of last year, which is evidence of our ability to stay viable despite the current global economic situation”, Al Othman added.
Al Othman noted that the past six months have been marked by many positive developments with the foundation for a number of development projects being laid that are expected to enhance the occupancy rate of residential units and retail outlets in The Pearl-Qatar. UDC kicked off the construction of Al Mutahidah Towers, in the first half of the year. The tower will will consist of two connected residential towers, comprising diverse residential units, all overlooking a beautiful waterfront with direct access to the beach.
“During the first half of the year, we also sold 8 land plots in Giardino Village, one of the most luxurious and promising residential areas on the Island, lying in close proximity to shops and entertainment venues adjacent to Porto Arabia, Medina Centrale, Qanat Quartier and Viva Bahriya,” said Al Othman.
“We will continue to exploit The Pearl-Qatar’s position as Qatar’s real estate development of choice and use our resources and experience to create a sustainable commercial and social environment that contributes positively to the project’s investment returns. In line with that strategy, ten prototype villas, currently under construction at the Giardino Village, will be offered for sale during the third quarter of 2017.” he said about the expected performance for the second half of the year.
“We will also continue to inaugurate and attract new retail outlets and restaurants across the three retail locations on the Island and by enhancing our residential sales and rental activities,” Al Othman added.
UDC’s first half achievements also included the completion of the first and second phases of residential unit sales of Al Mutahidah towers and the inauguration of office leasing at The Pearl Tower 1, in addition to the launch of the Investor Relations mobile app.
