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Dubai-based Union Properties has reported a net loss of AED966.76 million ($263.1 million) for FY 2021 compared to a net profit of AED201 million ($54.7 million) the previous year. However, its revenue for the 12-month period witnessed a 6.1% growth.
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DUBAI: A troubled Dubai real estate developer said Monday it suspected that $42 million had been “misappropriated” by the company’s former officials while saying it massively overvalued its holdings, declaring nearly $800 million in accumulated losses in recent years. The announcement by Union Properties comes as Emirati prosecutors announced in October they were investigating
A troubled Dubai real estate developer says it suspected $42 million had been “misappropriated” by the company’s former officials while declaring it massively overvalued its holdings
Union Properties intends to recover misappropriated funds' by earlier management