January 12, 2012 / 11:41 AM / 8 years ago

Qatar UDC's president and MD resigns - statement

DUBAI, Jan 12 (Reuters) - 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

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