DUBAI Jan 12 Qatar's United Development
Co said on Thursday its President and Managing
Director Khalil Sholy has resigned.
The resignation was effective immediately, although Sholy
will retain his powers for another three months to assist the
board of directors in hiring a replacement, according to a
company statement to the Qatar bourse.
The developer of the man-made Pearl Island project had
announced at the end of December that it was in talks with a
state pension fund about a strategic investment worth 160
million riyals ($44 million).
Shares in UDC fell 2.1 percent on Thursday. Sholy's
resignation was announced after the Qatar stock exchange closed.
($1 = 3.6415 Qatar riyals)
(Reporting by David French; Editing by Mirna Sleiman)