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The company has been able to bring down its debts, says CEO 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. |
