United Development Company wins the highly prestigious CNBC Arabian Property Awards

ABOUT UNITED DEVELOPMENT COMPANY (UDC)

United Development Company (UDC) is one of the country's leading public shareholding companies. UDC's mission is to identify and invest in long-term projects contributing to Qatar's growth and providing good shareholder value. The company was established in July 1999 and has an authorized share capital of QR1.072b ($294m),. It was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.

UDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company (QDC), a joint venture with the State of Qatar and Belgium's Dredging, Environmental & Marine Engineering NV, and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC also partnered with Seef Limited, a joint venture with Qatar Petroleum, to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant started operations in March 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Gulf Formaldehyde Company as a joint venture partner with Qatar Fertilizer Company (QAFCO) and other Qatari investors. Operations began in 2004.

In mid-2006, United Development Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDC (32%) and BESIX NV (49%). The remaining shares were acquired by local Qatari investors. Production began in June 2006. On May 31, 2006 UDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDC acquired 60% of Millenya's equity.

United Development Company's latest business partnership was signed on November 28, 2006 when the company concluded a joint venture agreement with Spain's Ronautica S.A. The agreement saw the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC holds a 60 percent stake while Ronautica S.A. holds the remaining 40% in the new firm.
UDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC.

ABOUT THE PEARL-QATAR

The Pearl-Qatar is an offshore, Riviera-style man-made island, covering 985 acres of reclaimed land with an estimated cost of more than $50bn dollars. It is Qatar's first international real estate venture, one of the largest real estate developments in the country and the first to offer freehold and residential rights to international investors. It will create over 32 kilometers of new coastline.

The Pearl-Qatar's name and location, on a former pearl diving site, highlights the country's traditions, and strong historical and cultural ties to the sea. It is an island rediscovered.

The Pearl-Qatar will eventually house 40,000 residents in an up-scale, multi-cultural residential community which will be a secure and exclusive island retreat bringing the ambience and lifestyle of the Mediterranean to the heart of Arabia.

The four-phase development comprises 13 distinct districts to be developed over a period of five years. The Riviera Arabia themed districts will house three luxury hotels, two boutique hotels, three marinas with combined mooring for over 1004 boats, and more than 2m square feet of luxury retail, recreation and restaurant space.

Built 350 meters offshore of the West Bay Lagoon area of the country's capital, Doha, the Island will offer an exclusive retreat with easy access to the capital's thriving community.

The Pearl-Qatar is being developed and promoted by United Development Company (UDC), one of Qatar's leading private sector shareholding companies.

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