Qatar: UDC rights issue oversubscribed
UDC Chairman, Hussain Ibrahim Al Fardan, speaking after the closing of shareholders subscriptions Monday, said “the rights issue has been oversubscribed. This expresses the support of our shareholders in the strongest terms.”
UDC Managing Director, Khalil Sholy added “this successful rights issue is very good news for all; the shareholders have safeguarded their holdings and the company now has increased resources to invest in existing successful business as well as in new projects that will keep UDC growing profitably.”
United Development Company (UDC) was established in 1999 as one of the largest private sector Qatari shareholding companies. It was created to become an effective platform for private sector development and for implementation of medium and large-scale projects in Qatar.
The company wholly owns the Pearl-Qatar, the first and largest international real estate development project in the country. Currently, extensive land reclamation is under way as an entire new island is being created offshore Doha for the Pearl-Qatar – to house some 35,000 residents in attractive, luxurious, and landscaped surroundings.