Page 59 - UNION PROPERTIES PR REPORT - October 2024

Issues began in 2021–2022 when quarterly losses increased, leading to the previous board’s
dismissal. After that, a newly assembled management team assumed charge with the explicit
directive to control expenses and, whenever feasible, raise new capital by selling anything
considered non-core. Additionally, there were lengthy discussions for more accommodating
loan repayment schedules with its lenders.
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.”
In relation to its 52-week low and high of Dh0.27 and Dh0.46, respectively, the stock is
currently trading at Dh0.33 on DFM.

https://www.propertynews.ae/uae/the-new-motor-city-offplan-launch-is-expected-to-bring-union-
properties-dh200m-in-profit/