Al Hammadi: “UDC’s resilience is rooted in the strength of its portfolio and its long-term growth strategy”
Al Jaidah: “The introduction of more flexible residential ownership options are helping us respond to different customer requirements”
Doha, Qatar – 26 October 2026: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, announced its financial results for the third quarter of 2026, reporting net profit attributable to the equity shareholders of QR 156 million on revenues of QR 1,259 million with basic earnings per share of QR 0.044.
Commenting on these results, UDC Chairman, H.E. Mr. Ahmed bin Ali Al Hammadi said: “UDC’s resilience is rooted in the strength of its portfolio and its long-term growth strategy. In a global environment shaped by geopolitical uncertainties and evolving market conditions, our diversified assets and established destinations provide a strong foundation for continued progress. The Pearl and Gewan Islands remain central to our growth strategy, each contributing through their distinctive residential, commercial, hospitality and leisure offerings. Consequently, our third quarter results should be viewed in the context of our broader portfolio and the continued contribution of our established assets, alongside the progress of our development plans and long-term investments. As we continue to advance these destinations, we remain focused on maintaining financial discipline, pursuing new opportunities and strengthening the value of our portfolio. We remain confident in the long-term prospects of Qatar’s real estate sector and committed to sustainable growth and lasting value for our shareholders.”
For his part, UDC President & CEO, Mr. Yasser Salah Al Jaidah, stated: “Our third-quarter performance reflects activity across several parts of the business, from residential sales and leasing to retail occupancy and ongoing destination improvements. We continue to see demand across our portfolio, while the addition of new tenants and the introduction of more flexible residential ownership options are helping us respond to different customer requirements. Our focus is to ensure that these commercial activities are supported by the quality of the destinations and the services available to residents, businesses and investors.”
He continued: “As we move into the final quarter, our priority is to build on this momentum by turning demand into further commercial opportunities and advancing key development milestones. This includes progressing Perlita Gardens towards its next development stage, continuing construction on hospitality and leisure projects at Gewan Island, and sustaining leasing activity across both destinations. By remaining responsive to market needs and focused on execution, we aim to strengthen commercial performance and support the continued growth of our business.”
During the third quarter, UDC continued to advance its development pipeline across The Pearl and Gewan Islands. At The Pearl Island, demolition and site preparation works at Perlita Gardens were completed, alongside the completion of design works for the next stage of the residential development. Further updates on the contractor appointment and commencement of construction will be announced in due course.
At Gewan Island, UDC completed the car park project providing 142 parking spaces across the waterfront and beachfront areas, which are now fully open and available for use. Construction also continued on the Corinthia Gewan Island Hotel and Solymar Beach Club, supporting the continued development of the island’s hospitality, leisure and waterfront offering.
UDC also carried out improvement works at Quartier Beach in Qanat Quartier to enhance the beach experience for residents and visitors. The improvements include shaded areas, new beach furniture, an outdoor gym and playground, kiosks and food and beverage facilities, as well as upgraded inflatables for family enjoyment. The enhanced beach facilities are expected to be officially inaugurated early in the fourth quarter, further strengthening the lifestyle offering for residents of The Pearl Island.
On the commercial front, UDC recorded sustained residential sales activity during the quarter, including a significant villa transaction, sales of completed residential units at The Pearl Island, plot expansions and apartment sales at Crystal Residence on Gewan Island.
Leasing activity remained strong, with 139 lease transactions recorded across UDC’s portfolio in Q3. The lease-to-own offering at Crystal Residence has also introduced an additional route to homeownership and a new revenue stream, attracting considerable interest and demand. Meanwhile, occupancy across the Floresta Gardens and Giardino Gardens villa compounds remained steady at an average of close to 90%.
These results reflect the breadth of UDC’s residential offering, spanning completed properties, villa compounds and flexible ownership options. The Company continues to focus on matching available inventory and ownership structures to market demand, while building on the value associated with its established island destinations.
Retail leasing continued to support UDC’s commercial performance, with occupancy maintained above 86% across The Pearl and Gewan Islands. During the third quarter, 14 new brands opened across the two destinations, including Chipotle, Lab33, Hafiz Jewellery and Matheus Tadanado Sports Centre.
The portfolio is also set to welcome further brands signed in the third quarter, including Torba Market, Crepaway, Wooden Bakery, Pizza Hut, Roboqats and Mandala Yoga, adding to the range of retail, dining, wellness and leisure experiences available to residents and visitors.
In the corporate segment, Scale AI signed an agreement to establish its regional hub at UDC Tower on The Pearl Island. The agreement adds to the pipeline of businesses set to establish a presence within UDC’s commercial portfolio and reflects the continued interest in the destination as a base for business operations. Scale AI develops bespoke artificial intelligence solutions and systems.
As UDC enters the final quarter of 2026, its focus remains on advancing key development milestones while sustaining the commercial performance of its existing portfolio. Priorities include progressing Perlita Gardens towards construction, continuing the development of Gewan Island’s hospitality and leisure assets, maintaining residential sales and leasing activity, and building on retail occupancy through the integration of new brands.
These efforts are intended to strengthen the foundations of future performance by combining disciplined development with active asset management and a commercial offering responsive to market needs. By continuing to invest in the quality, functionality and appeal of The Pearl and Gewan Islands, UDC aims to support sustainable financial performance and create enduring value for shareholders.
UDC is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. Established in 1999, the Company was first listed on the Qatar Exchange in June of 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 18.8 billion as at 30 September 2026.
UDC activities cover a multitude of vital investment sectors including real estate development, property management, district cooling, infrastructure, and utilities as well as maritime and hospitality-related businesses.
