United Development Company posts another record performance in 2008

Speaking after the meeting, Abdullah Araj, Executive Vice President Finance, explained the Company's financial performance highlights of the year:

- Net profit for the year doubled to reach QR687m, compared with QR343m in 2007.
- Revenue increased to QR2.2bn, an 18% increase on 2007 reported at QR1.8bn.
- Total assets increased to QR7.4bn from QR5.86bn in 2007.
- Earnings per share are reported at QR5.44, compared to QR 3.17 in 2007.

UDC Chairman, Hussein Al-Fardan, reiterated the Company's commitment to Qatar's growth, to actively promoting an environmental and social profile benefitting the community, and to continuing its successful financial performance. He said that he had full confidence in the future of the company and UDC management strategy.

He also confirmed that the Company's success stems from the unique investment and economical platforms in the State of Qatar made possible through the astute leadership and vision of His Highness the Emir of the State of Qatar, Sheikh Hamad bin Khalifa Al Thani and His Highness the Heir Apparent, Sheikh Tamim Bin Hamad Al Thani.
The Board announced that they would be recommending a QR3.5 per share cash dividend to shareholders.

Khalil Sholy, UDC's Managing Director and President, commended the contribution of the board and all members of UDC staff.

He added:

"Despite the turmoil in the global economy during 2008, UDC's robust and diversified business platform once again demonstrated its full confidence in its ability to overcome any challenge - and will undoubtedly continue to ensure our future security and prosperity in 2009. Although we embark on a grim 2009 global economy, I am confident that UDC will withstand and come out of this as a leading entity. We shall make it so. There is no doubt that having Qatar as our base of operations will play a big factor in our performance. The fundamentals of the Qatari economy remain strong."

United Development Company is one of Qatar's premier shareholding companies. During the past few years, UDC has established successful strategic partnerships with major companies operating in different fields. The Company targets a growing range of sectors for development, including hydrocarbons and energy, infrastructure and utilities, maritime and environmental related businesses, urban development, property management, hospitality and leisure, fashion and marketing services. UDC is the owner and developer of The Pearl-Qatar, a multi-billion USD man-made island, spanning nearly 4 million sq meters.