UDC Chairman Ahmed bin Ali Al Hammadi (left) and UDC President & CEO Yasser Salah Al Jaidah.
Doha, Qatar: 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 QR156m on revenues of QR1,259m with basic earnings per share of QR0.044.
Commenting on these results, UDC Chairman, 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, 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.”
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.
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.
