United Development Company (UDC), Qatar's premier development and investment company is to hold its Annual General Meeting (AGM) today, Monday, March 12, officials said.
The AGM meeting will be at the Intercontinental Hotel at 6:30pm
Five items are on the agenda beginning with a report from the Board of Directors on UDC’s financial position for the fiscal year ending 31 December 2006. Shareholders will also hear the auditors report on the company’s accounts for 2006.
Thirdly, shareholders will meet to approve UDC’s balance sheet, cash dividend payments and remuneration for the members of the Board of Directors. They will also vote to release liability for the Board of Directors in the financial year ending 31 December 2006.
And finally, shareholders will appoint a new external auditor for the fiscal year of 2007 and the auditor’s fees, as well as vote for UDC’s new Board of Directors.
“We look forward to meeting with our shareholders this evening,” said Khalil Sholy, UDC Managing Director.
“UDC posted record results in 2006 and this is a great opportunity to share the details of our continued success and how we are shaping a brighter tomorrow for our shareholders and the community at large,” he added.
Among its various business operations from dredging, district cooling, water treatment and ready mix cement, UDC is also owner and developer of The Pearl-Qatar, the multi-billion dollar offshore real estate development project.
ABOUT UNITED DEVELOPMENT COMPANY (UDC)
United Development Company (UDC) is one of the country’s leading public shareholding companies. UDC’s mission is to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. The company was established in 1999 and has an authorized share capital of QR 1.072 billion (US $294 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.
Through a combination of substantial project activities and commercial enterprise, UDC is becoming the first-choice private sector joint venture partner for international investors in Qatar.
UDC’s target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company (QDC), a joint venture with the State of Qatar and Belgium’s Dredging, Environmental & Marine Engineering NV, and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC also partnered with Seef Limited, a joint venture with Qatar Petroleum, to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant started operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Gulf Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
In November 2005, United Development Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDC (32%) and BESIX NV (49%). The remaining shares were acquired by local Qatari investors. Production began in June 2006. On May 31, 2006 UDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDC acquired 60% of Millenya's equity.
United Development Company’s latest business partnership was signed on November 28, 2006 when the company concluded a joint venture agreement with Spain’s Ronautica S.A. The agreement will see the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC will hold a 60 percent stake while Ronautica S.A. will hold the remaining 40 percent in the new firm.
UDC’s founders, who at launch held 45% of the shares, are among Qatar’s most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC
