Page 34 - UNION PROPERTIES GENERAL REPORT - October 2024

The developer will meet the Dh1.15 billion cost of the project through own funds and some bank
financing. That in itself is quite a statement the company is delivering after extensive restructuring
of the organisation and a 3-year full turnaround plan.
Problems started in 2021-22 when quarterly losses widened, and which then resulted in the ouster
of the previous board. A newly constituted management then took over control, with a clear
mandate to keep costs tight and generate fresh equity where possible through selling anything
deemed non-core. There was also extensive talks with its lenders for more favourable timelines on
the debt repayments.

Now comes the relaunch
"The launch of ‘Takaya’ project is in line with our long-term growth objectives, further reinforcing our
commitment to delivering superior quality for customers," said Amer Khansaheb, CEO, one of the
key movers in the UP turnaround story.

"By leveraging our extensive industry expertise and market insights, we look forward to capitalising
on new opportunities in the real estate market and future-ready liveable environments."

On DFM, the stock is trading at Dh0.33 against a 52-week low and high of Dh0.27 and Dh0.46,
respectively.

https://gulfnews.com/business/property/union-properties-expects-to-book-dh200m-profit-from-
new-motor-city-offplan-launch-1.1728534628624