United Development Company (UDC), one of Qatar’s major publicly traded shareholding private companies, has appointed Omar Hussein Alfardan as Managing Director.
One of Qatar’s most experienced and respected businessmen, Alfardan’s appointment was approved by the Board of Directors of UDC, master developers of The Pearl-Qatar, at a special meeting on Tuesday, April 10, 2012.
Alfardan is President of the Alfardan Group which has interests in the automotive, hospitality and retail business in Qatar and is one of the country’s most recognized companies.
He currently sits as a Director of UDC, Commercialbank Qatar and is Chairman of the National Bank of Oman, as well as Vice Chairman of United Arab Bank, UAE. He also sits on the Board of Trustees of the American University of Beirut, Lebanon and is a Director of the Qatar Red Crescent Society.
“Alfardan brings with him to this key position a wealth of business and community experience and we look forward to his leadership and insight as UDC prepares to move into a new phase of consolidation,” Roger Dagher, Director of UDC’s Corporate Communications, said.
Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, United Hospitality Company and Ronautica Middle East. Companies established in 2011 under the umbrella of United Development Company include Madinainova, United Facilities Management Company and The Pearl Owners Corporation.
UDC has developed into the first-choice private sector and joint venture partner for international investors in Qatar, and has successfully established several new companies and investment vehicles across the region.
UDC reported extraordinary results for the 2011 financial year, recording a 511 percent increase in profits, QR3.772 billion, more than six times the profit achieved in 2010.