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FINANCIAL NEWS
Qatar’s UDC reports USD1b profits in 2011
29 Jan 2012
(MENAFN) Qatari developer United Development Company (UDC) reported a six-fold increase in profits in 2011 compared to 2010, Arabian Business reported.
UDC, the developer behind The Pearl Qatar, said it made a net profit of USD1.03 billion last year, up from USD169.4 million in 2010.
Total assets increased to QR19.056bn, compared to QR10.878bn as of the end of 2010, it said in a statement.
President and managing director Khalil Sholy said that the company witnessed in 2011 the opening of almost 50 new businesses at The Pearl-Qatar, in addition to the increasing number of residents that has exceeded 4,000.
In December, UDC said that it was in talks with a state pension fund about a strategic investment worth USD44 million.
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