Page 15 - UNION PROPERTIES GENERAL REPORT - November 2023

11/6/23, 11:20 AM Dubai developer Union Properties’ accumulated losses hit $779mln

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EQUITIES
Dubai developer Union Properties’ accumulated losses hit
$779mln

Losses account for 66.75% of the paid-up capital
Staff Writer, ZAWYA

November 3, 2023

Dubai-listed real estate developer Union Properties’ accumulated losses have reached 2.863 billion
dirhams ($779.4 million), according to a disclosure on Thursday.

The losses as of the third quarter of 2023 represent 66.75% of the paid-up capital, the company said
in a bourse filing on the Dubai Financial Market (DFM).

The company said the losses are mainly a product of significant provisions of the following:

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