Pearl-Qatar developer appoints new chair
Former Minister of Transport appointed for three-year term
The developer of The Pearl project in Doha has announced the appointment of a new chairman.
Sheikh Ahmed bin Nasser bin Faleh Al Thani has taken over the board's top spot for a three-year term, replacing outgoing chairman Hussein Al Fardan. Turki Mohammed Khaled Al Khater has been elected as vice-chairman.
Sheikh Ahmed has held several key government and private sector posts.
He is a former Minister of Transport and Communications, and has been chairman of Qatar International Airport, Qtel, and Gulf Airlines.
He is also currently a major shareholder in, and board member of, Commercial Bank of Qatar.
Last month, UDC reported a revenue of $749.8 (QR2.73bn) for 2012, compared to $524.6 (QR1.91bn) for 2011. Net profit increased 32% to $233.4m (QR850m) , compared to 2011, excluding revaluation gain on investment properties amounting to $177.1m (QR645m), the profit attributable to company owners stood at $200.5m (QR730m).