UDC approves strategic sale of 40% stake in Qatar Cool

Doha, Qatar: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, h...

Doha, Qatar: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, held its Ordinary and Extraordinary General Assembly Meetings yesterday, at The Oyster building at The Pearl Island.

The meeting was chaired by Ahmed bin Ali Al Hammadi, UDC Chairman, and was attended by UDC Board of Directors, representatives of the Ministry of Commerce and Industry, UDC’s external auditors Ernst & Young, and the Company’s shareholders.

During the Ordinary General Meeting, the Board of Directors adopted the Nomination Policy titled “Nomination Procedures and Criteria for Membership of United Development Company Board of Directors.”

The Extraordinary General Assembly further approved the sale of 40% of United Development Company’s stake of 91.06% in Qatar District Cooling Company “Qatar Cool” to Qatar Investment Authority (QIA) for a proceed of QR800m. Additionally, it approved amending Article No. (9) of the Company’s Articles of Association (AOA) regarding foreign ownership percentage of the Company’s shares to possibly reach 100% and authorized the Chairman of the Board of Directors to approve the amendment.

The approval of these agenda items marks a pivotal step in UDC’s strategic growth and commitment to enhancing shareholder value, providing the Company with a substantial influx of financial resources. This financial boost will enable UDC to invest in core projects and drive further innovation within The Pearl and Gewan Islands. Additionally, the sale of a significant stake in Qatar Cool to QIA strengthens UDC’s financial position and ensures that Qatar Cool benefits from QIA’s expertise, enhancing its operational efficiency and competitiveness as a premier investment product. The partnership with QIA is also expected to bolster Qatar Cool’s capabilities, aligning with UDC’s long-term vision of sustainable development and operational excellence.