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10/16/24, 10:06 AM Union issues clarification on Takaya financials - Construction Week Online

Home Business Union Properties issues clarification on AED2bn Takaya financials

BUSINESS
Union Properties issues clarification on

AED2bn Takaya financials

by Staff Writer October 15, 2024 09:47 AM GST SHARE

Union Properties has issued a clarification regarding the financial details of
its new flagship project Takaya, which was announced last week.

In a filing to the Dubai Financial Market (DFM) issued late on Friday night, the
developer responded to an inquiry raised by the DFM chief about the project’s value
(AED2 billion), projected cost (AED1.15 billion) and expected profit (AED200 million)
not adding up.

“The cost of the project […] is the cost of constructing the project and those costs related
to it only. It does not include additional costs such as marketing, sales, management,
overheads and financing,” Union Properties said.

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