The Ordinary General Assembly of United Development Company (UDC) was headed by UDC Chairman Turki bin Mohammed Al Khater. The meeting authorized QR177 million in cash dividends, which is equal to 5% of the equity par value.

The Assembly also endorsed UDC's financial statements for the year ending December 31, 2020, and the naming of KPMG as the Company's external auditor for 2021.

Al Khater stated that as part of UDC's ongoing efforts to improve the productivity in which it manages its financial capital, it had settled bank loan installments totaling approximately QR200 million in 2020, resulting in a 25% reduction in the Company's borrowing costs compared to 2019.

UDC President, and Chief Executive Officer and Member of the Board Ibrahim Jassim Al Othman characterized 2020 as an exemplary year because it showed UDC's willingness to stick to its business strategy and continue development activities according to the defined timetable without major changes in development deadlines, which is an accomplishment in and of itself.

In this sense, the launch of 28 new retail labels at The Pearl-Qatar, through the three major retail hubs in Porto Arabia, Medina Centrale, and Qanat Quartier, saw a 125 percent rise in new leased retail space in 2020 relative to 2019 and a 125 percent increase in new leased retail space in 2019.

The Pearl-Qatar saw the sale of 31 completed units and 95 percent of residential units under construction in Al Mutahidah Towers and the sale of all completed villas and low-rise building plots, UDC has successfully achieved profits from the sale of residential properties. UDC completed the selling of 70% of residential land plots on Gewan Island.

Parallel to this, UDC continued to press on with construction ventures in The Pearl-Qatar, primarily Al Mutahidah Towers in Viva Bahriya, The Pearl-Qatar Commercial Showrooms in Abraj Quartier, three gated villa compounds and Floresta Galleria mall in Floresta Gardens, and a gated villa complex, Giardino Mall, and United School International in Giardino Village. These ventures will offer a total of 692 residential units and more than 25,000 sqm of leasable commercial space that will house well-known brands until completed.