Page 10 - UNION PROPERTIES GENERAL REPORT - March 2024

3/25/24, 11:12 AM Analysis: Shares of Union Properties are rallying after a long lull, but real test in 2 years

Image used for illustrative purpose. Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June
5, 2017.
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EQUITIES
Analysis: Shares of Union Properties are rallying

after a long lull, but real test in 2 years

Analysts told Zawya that the heralded start of UPP’s turnaround should be viewed with
cautious optimism

Imogen Lillywhite, ZAWYA

March 22, 2024

Dubai real-estate company Union Properties (UPP) has announced its long-awaited turnaround in its
annual results. But the real test will come within the next two years as it competes with new housing
supply due for handover from some of the emirate’s larger developers.

UPP’s share price rallied from its February 14 low of AED 0.27 ($0.07) to reach AED 0.40 this week.

Union Properties has had its “fair share of troubles” in recent years, Vikas Lakhwani, Chief Revenue

Officer, CPT Markets, said. In addition to accumulated losses, in 2021 the then chairman and board
members were dismissed amid accusations of involvement in financial irregularities and agreed to
pay a settlement of $168.8 million.

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