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The group’s subsidiaries delivered healthy performance improvements that were supported by strong market dynamics in the UAE’s real estate sector
Dubai-based Union Properties has reported a net profit of AED825,000 for Q3, compared to a AED31 million ($8.4 million) net loss last year, thanks to its turnaround strategy that continues to show positive results with good progress on cost efficiencies.
Developer signs up for Dh595m restructure deal, which includes Dh223m repayment
Union Properties has announced the successful completion of a AED595 million ($162 million) debt restructuring, including the repayment of AED 223 million to lenders, as part of a comprehensive restructuring plan agreed by all parties.
The successful plan marks a major milestone in the company’s turnaround strategy, which was announced during the first quarter of 2022