Qatar's United Development Company (UDC), developer of the man-made Pearl Island project, 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.

UDC had announced at the end of December that it was in talks with a state pension fund about a strategic investment worth QR160 million ($44 million).

Shares in UDC fell 2.1 per cent on Thursday. Sholy's resignation was announced after the Qatar stock exchange closed. – Reuters