Page 21 - UNION PROPERTIES PR REPORT - November 2023

11/3/23, 1:28 PM Dubai's Union Properties reports $5m profit for Q3 | AGBI
The resurgence has continued this year and into the third quarter, with gross profit up 113 percent
on Q3 2022.

Dubai’s Union Properties returns to profit after restructuring

Union Properties reaches settlement with ex-chairman

Union Properties launches first project in seven years

The group’s subsidiaries also witnessed a rise in revenue from contracts with customers from

AED101 million in Q3 last year to AED124 million for the corresponding period in 2023.

The upturn in fortunes is in line with the company’s five-year recovery plan, initiated in 2022.

Last year it merged three of its business units, Edacom Owners Management Association, Uptown
Mirdif Mall and Al Etihad Cold Store, into one single entity, Edacom Asset Management.

During 2022 UP completed a AED595 million debt restructuring, marking a milestone by resolving
legacy liabilities with the majority of its lenders.

Dispute settled

Earlier this year the company, which is listed on the Dubai Financial Market, settled a long-running
dispute with its former chairman, Khalifa Al Hammadi, and members of his family.

At the company’s annual general meeting in April, shareholders voted to approve a settlement
which would see AED620 million repaid to UP over the next year.

A total of 27,095 residential units are estimated to have been delivered in Dubai In the year through
to September, the latest real estate report from CBRE Middle East said.

The report revealed that average residential prices increased by 19.6 percent over the period, with
average apartment and villa prices up 19.7 percent and 18.9 percent respectively.

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