Dubai – Mubasher: Union Properties has resumed work in real estate development and will announce several projects during the fourth quarter of this year.
Amer Khan Sahib, a member of the board of directors and managing director of the company, said in a statement to Al Arabiya TV that the company is working on a number of projects that are still in their initial stages of designs and feasibility studies.
He explained, that the company was able to complete the restructuring with most of the creditor banks, and that the scheduled amount does not include the total value of the debt.
He added that work is still underway to schedule the rest of the debts confined to Wahid Bank, noting that a reduction in the banks’ profit margin was negotiated within the restructuring plan..
He pointed out that paying off some of the indebtedness reduces debt expenses, and reschedules the remaining portion over a period of 10 years.
And the Naked Union Company, one of the largest real estate development companies in the Emirate of Dubai, turned into losses by the end of the first half of 2022.
The company explained in a statement to the Dubai Financial Market that it recorded losses of 12.2 million dirhams at the end of the first half of 2022, compared to profits of 32.4 million dirhams achieved during the same period in 2021..
Union Properties incurred a net loss of 967 million dirhams last year, compared to profits of more than 200 million dirhams in 2020..
This came as the company recorded losses of more than 1.1 billion dirhams on the revaluation of real estate investments, in addition to an increase in the net loss of financial instruments at fair value by 240% to reach 149 million dirhams..
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