United Development Company (UDC), a Qatari public shareholding company and master developer of the Pearl-Qatar, amended its governance code and approved changing the percentage of non-Qatari ownership at a recent meeting with a majority of its board members.
The company passed an amendment of the Company’s Articles of Association to comply with the Commercial Companies Law No. (11) 2015, and the Corporate Governance Code No. (4) 2014. It also passed an agreement that increased the percentage of non-Qatari ownership in the company's share to 49 percent, instead of 25 percent, as mandated by law No. (09) 2000. This law regulates the investment of non-Qatari capital in the economic activity.
"In the same breadth, UDC's flagship development, The Pearl-Qatar, is well-positioned to benefit from these amendments as a unique and attractive destination for foreign investors and retailers looking to maximize their returns and diversify their investment portfolios,” UDC Chairman H.E Turki Al Khater said.
UDC President and CEO Ibrahim Al Othman discussed how the company has always looked at economically sustainable projects that promote efficiency.
"UDC has always been at the forefront of economically sustainable projects, and the amendment made to the Articles of Association further promotes efficiency and corporate governance which in turn serve to fulfill the economic requirements needed to achieve the company's developmental objectives in the long term,” Al Othman said.