PHOTO
The mixed-use development called Takaya will be located in Dubai Motor City. Image courtesy Union Properties.
Dubai-listed Union Properties has generated more than 1.3 billion UAE dirhams ($353.93 million) from the sale of plots since its 5-year turnaround strategy was announced in April 2023.
“Thanks to our turnaround strategy, our performance has significantly improved over the years, as a result of which we have been able to bring down our debts,” said Amer Khansaheb, CEO of Union Properties.
In October 2024, the developer reported a net profit of AED 53 million in the third quarter of 2024. Revenues from contractual agreements climbed by 7 percent to AED 389 million from AED 364 million in the third quarter of 2023.
The company plans to launch projects worth AED 6 billion in the next 18 months, the CEO had said.
In December 2024, Union Properties broke ground for an AED 2 billion mixed-use development in the Motor City community.
(Writing by P Deol; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.