Eleven years ago, what would soon become one of Qatar’s most ambitious, visionary and successful private shareholding companies was born. United Development Company, or UDC, was created to help grow the country’s economy and contribute to fulfilling the Emir’s goal of converting Qatar into a leading country by 2030.
UDC has excelled at its mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. Indeed, when the 2010 results were in, UDC’s net profits had swelled 20%, approaching QR617 million ($169 million) and net earnings grew by 18% to QR4.45 per share. This came after an unprecedented 73% spike in net profits and a 62% increase in earning per share in 2009.
2010 was UDC’s best year ever and fifth consecutive year of record results. Hussain Ibrahim Alfardan, chairman of the board, attributes this to the outstanding performance of UDC’s many subsidiaries and partnerships, which are active in an extraordinarily diverse range of sectors.
Khalil Sholy, president and managing director, says, “We are an umbrella of successful investments. If we look at the companies that UDC has established and created they are really varied in their activities. From environment to utilities, hydrocarbon, hospitality, retail, media, and insurance, we have diversified to cover many sectors, and the ball is still growing. So if you are interested in this very robust economy, an economy that has big potential for the future and you are looking for a partner to go with, a partner that is well established, UDC will give you a chance to catch up on all of these opportunities.”
Through its company Qatar Cool, UDC has established itself as a global leader in the energy and utilities sector, and through its other subsidiaries and partnerships – especially those related to flagship project The Pearl-Qatar – UDC has made an enormous contribution towards diversifying Qatar’s economy and attracting new kinds of investment.
Qatar’s election as World Cup 2022 host brings myriad new opportunities, upon which UDC fully intends to capitalize. From district cooling to cement production for new hotels and real estate projects, UDC is more than ready to tackle the challenges ahead.
“The companies created by UDC have more potential because they are all linked to growth and everybody agrees that 2022 is bringing huge opportunities of growth – a growth that has already been planned,” says Mr. Sholy. “Now what will happen is that instead of doing it in let’s say 20 years, now they have to do it in 10 years, so the potential is even greater. Of course there are challenges, but this country has proven its ability to meet the challenges it aims at: look at the milestone of the 77 million tons of gas production capacity – they announced it and achieved it in 2010 like they said they would.
“The World Cup 2022 is good news for everyone and especially for us because we will see high returns for all these companies. We are involved in every sector that exists. Our vision now is to continue to expand our horizons and become more creative and more innovative, to look and identify other opportunities that we believe will play an important role towards the development of the country.”
Backed by a board with some of the most influential businessmen in Qatar, an 11-year history of growth, ample liquidity, partnerships with leading international players, and seemingly endless inspiration for the future, UDC is truly shaping Qatar into one of the world’s most attractive and stable destinations for both visitors and investors.
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