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Posted On: 26 January 2012 11:53 am
Updated On: 12 November 2020 02:11 pm

UDC Announces Financial Results For The Year 2011

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Net profit of QR 3.772 Billion for the year 2011 compared with QR 617 Million for 2010. Total assets of QR 19.056 Billion compared to QR 10.878 Billion as of 31 December 2010 UDC Chairman, Hussein Al Fardan attributed the Company’s continued success to Qatar’s solid economic position in the Region and the continued opportunities afforded by the stability and growth of the Country. “We are fortunate to be operating in a highly visionary and rapidly developing Country. This backdrop presents multiple opportunities for continuing diversified business for UDC". Khalil Sholy, UDC’s Managing Director and President, highlighted the contribution of various units across the business in delivering these results and expressed his appreciation to the Management and employees of UDC and Associated Companies. Sholy also added “UDC is in discussion with Qatari General Retirement and Social Insurance Authority to make a strategic investment in the company. We have witnessed in 2011 the opening of almost 50 new businesses at The Pearl-Qatar such as spinneys, Mango Tree, Lancel, Hiref, WAW, Living In Interiors, Bisazza, Vodafone, Qatar Airways, Commercial Bank, Porto Saloon and Al Tabkha just to list a few, in addition to the increasing number of residents that has exceeded 4,000. United Development Company is one of Qatar’s leading shareholding companies. During the past few years, UDC has established successful strategic partnerships with major international companies operating in different fields. 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 marketing services.