Tags
United Development Company’s Extraordinary General Assembly Meeting yesterday approved an amendment that facilitates increasing the percentage of non-Qatari ownership in the company’s shares to 49% instead of 25%.
This is in accordance with Law Number (09), 2000, regulating the investment of non-Qatari capital in the economic activity.
The meeting also approved an amendment of the Company’s Articles of Association to comply with the Commercial Companies Law No. (11) 2015, and the Corporate Governance Code No. (4) 2014, while authorising the company’s chairman to approve these amendments.
UDC Chairman Turki al-Khater, who presided over the meeting held at The Oyster at The Pearl-Qatar, said the amendments were expected to contribute to Qatar’s economic diversification programme while enhancing UDC’s strategic economic standing and growth by developing the business environment in order to promote foreign investment in the country.
“In the same breadth, UDC’s flagship development, The Pearl-Qatar is well-positioned to benefit from these amendments as a unique and attractive destination for foreign investors and retailers looking to maximise their returns and diversify their investment portfolios”, he further added.
UDC president & CEO Ibrahim al-Othman said, “UDC has always been at the forefront of economically sustainable projects, and the amendment made to the Articles of Association further promotes efficiency and corporate governance, which in turn serve to fulfil the economic requirements needed to achieve the Company’s developmental objectives in the long term.”
UDC had announced earlier last month its financial results for Q1, 2016, reporting a revenue increase by 15%. Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company, Ronautica Middle East, Madinainova, United Technology Solutions and The Pearl Owners Corporation among many others.
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 facility management services.
There are no comments.
SPORT Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.
TECHNOLOGY Some 60mn primary-school-age children have no access to formal education
CULTURE Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions
ARABIA The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged
ARABIA Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.
ARABIA The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.
ECONOMY Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.
