UDC reports record $1bn net profit for 2011

The number of residents at UDC's Pearl Qatar exceeds 4,000.

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United Development Company (UDC), developer of Pearl Qatar, has reported a net profit of $1.035bn for 2011, compared with $169.4m for 2010. Total assets increased to $5.232bn, compared to $2.987bn as of 31 December 2010.

Chairman Hussein Al Fardan attributed the company's continued success to Qatar's solid economic position in the region, and the continued opportunities afforded by the stability and growth of the country.

"We are fortunate to be operating in a highly visionary and rapidly developing country. This backdrop presents multiple opportunities for continuing diversified business for UDC," said Al Fardan.

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MD and president Khalil Sholy added that UDC was in discussion with the Qatari General Retirement & Social Insurance Authority to make a strategic investment in the company.

"We have witnessed the opening of almost 50 new businesses at the Pearl Qatar in 2011, in addition to the number of residents exceedinf 4,000," said Sholy.