Page 17 - Union Properties PR Report - May 2024

5/15/24, 11:55 AM Dubai's Union Properties makes more headway in turnaround plan with Q1-2024 profit | Property – Gulf News
trying to resolve for some time.

Revenues from contracts with customers came to Dh138.1 million, up on the Dh122.1

from a year ago. The profit turned out a tally of Dh16.4 million, from Dh12.2 million.

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Union Properties has been through much in recent years, and will look to each growth

score as a sign that turnaround plans are working. The company is working towards a
sustained multi-year comeback plan.

One such boost was the approval for repurposing some land forming part of its master-
development, the Motor City. “After a long journey and constructive negotiations, the

group announced a major step forward by achieving a settlement with the regulator,”

UP said in a statement.

This will see the developer pay out Dh400 million over a three-year instalment plan,

and which allows UP to repurpose part of its Motor City land. This includes areas that

had been marked for a theme park previously.

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