(MENAFN- The Peninsula) DOHA: The foreign ownership limit of United Development Company (UDC) has gone up. Qatar Central Securities Depository (QCSD) has increased the foreigners"; ownership limit of UDC to up to 49 percent of the Capital, a regulatory filing to Qatari bourse noted yesterday.
In May, the shareholders of UDC gave their nod to the Board of Directors"; recommendation to increase the non-Qatari ownership in the company";s shares up to 49 percent from the earlier ceiling of 25 percent.
On Monday, UDC announced that it recorded a net profit of QR353m for the first half of 2016 (H1, 16). The net profit attributed to the equity holders of the company stood at QR332m. Earnings per share reached QR0.94 for the period.
UDC, one of the leading Qatari shareholding companies and master developer of The Pearl-Qatar, announced Monday that the construction of Al Mutahidah residential towers and Giardino Villas"; compound will commence during the last quarter of this year. Furhter, the vibrant Abraj Quartier commercial tower (tower building 1) and indoor shopping arcade Souq Al Medina Centrale will soon be ready to welcome retailers and customers, which will add value to The Pearl-Qatar";s retail and commercial business performance.
The Peninsula