The shareholders of United Development Company (UDC) approved Wednesday at the company’s extraordinary general assembly the distribution of 24.75 million bonus shares at the rate of three shares for every 10 shares, the Peninsula reported. UDC is the owner and developer of The Pearl-Qatar, the multi-billion dollar offshore real estate development project.
The project is planned to be home to about 40,000 residents and will welcome its first residents by late 2007.
