UDC’s general assembly elects new Board of Directors – The Peninsula

UDC’s general assembly elects new Board of Directors – The Peninsula

Doha: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, held its ordinary and extraordinary electronic general assembly meetings which were chaired by UDC Chairman Turki bin Mohammed Al Khater.

During the ordinary meeting, the Assembly approved the distribution of cash dividends of QR194,747m, equivalent to 5.5 percent of share par value, as well as UDC’s financial statements for the year ending December 31, 2021 along with the appointment of ‘Ernst & Young’ as the Company’s external auditor for 2022.

With regards to UDC’s new Board of Directors, three seats were allocated to the General Retirement & Social Insurance Authority and the Assembly further elected new Board Members for the next 3 years’ term (from 2022 to 2024) as follows: Ali Hussein Alfardan, Sheikh Faisal bin Fahad Al Thani, Ibrahim Jassim Al Othman, Abdullaziz Mohammed Al-Mana, Abdulrahman Saad Al Shathri, Hassan Abdulla Al-Hammadi. For its part, the extraordinary general assembly meeting approved the proposed amendment of the Company’s Articles of Association to comply with Company Law Amendments mentioned in Law No (8) for the year 2021.

Presenting UDC’s 2021 financial results, Turki bin Mohammed Al Khater, said: “The Company has achieved a