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Dubai-based developer Union Properties PJSC (UPP) said that it will sell AED 1 billion of non-core assets over the next two years as part of a recovery plan to address AED 2.901 billion of accumulated losses.
The company has a target of reducing losses to AED 2.133 billion in 2025 or 49.72% of capital ratio, according to statements filed to Dubai Financial Market (DFM).
UPP said last week that it had reached a settlement under which its former chairman and other board members will pay the company AED 620 million after reported financial irregularities.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
