Page 16 - UNION PROPERTIES GENERAL REPORT - November 2023

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

Properties’ accumulated

losses hit $779mln

Nov 3, 202310:36 GMT+4

Staff Writer

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:

· Fair value loss of AED2.076 billion related to investment properties
recorded in the fiscal year 2017

· Fair value loss of AED1.109 billion related to investment properties
recorded in the fiscal year 2021

· Loss on disposal of an associate of AED250 million recorded in the fiscal
year 2020

· Losses and impairments from financial instruments at FVTPL amounting

to AED337 million

· Disposal of assets to related parties amounting to AED62 million in 2020

and AED45.5 million in 2021

https://www.tradingview.com/news/reuters.com,2023-11-03:newsml_Zaw8YdD40:0-news-dubai-developer-union-properties-accumulated-losses-… 1/2