Press releases, Reports & Disclosures for Union Properties PJSC

The Board of Directors of Union Properties PJSC held their first meeting for 2024 on March 12th. They approved the minutes of the previous meeting and ratified the previous resolutions made by circulation. The Board also approved the audited consolidated financial statement for the year ending December 31, 2023, and the Company’s Annual Integrated report for 2023, which includes the Governance and Sustainability reports. They also approved to call for the Annual General Assembly Meeting of the Company and to set its agenda in coordination with the Securities and Commodities Authority. Other matters were also discussed. The letter was signed by Fadi Saba, the Board Secretary of Union Properties PJSC.

Union Properties PJSC has successfully sold over AED 500 million worth of land, marking a significant milestone for the company. The company has received additional offers on assets worth more than AED 1.2 billion. This achievement is part of Union Properties' strategy to maximize shareholder value and capitalize on opportunities in the real estate market. The company plans further strategic divestments and will retain approximately 10 million sqft of GFA from its current portfolio for self-development, in line with its five-year strategy set in 2023.

Properties' operations, the performance of its subsidiaries, and the overall expansion of the real estate sector in the UAE. In 2023, Union Properties recorded a net profit of AED 811 million, marking a growth of 2607% in net profits. The company's revenue also increased to AED 508 million from AED 419 million in 2022, reflecting the remarkable improvement in the performance of its subsidiaries and the continuous growth of the real estate sector in the UAE. The company is progressing steadily towards growth and prosperity, with a focus on correcting its capital structure and proceeding with real estate development projects.

Dubai-based Union Properties PJSC has reached settlement agreements with Dubailand and Emirates NBD after extensive negotiations. Union Properties will pay Dubailand AED400 million over three years, which will allow the company to repurpose parts of its Motor City master plan. This could lead to additional residential zones and increased Gross Floor Area (GFA), potentially increasing shareholder value. Union Properties will also pay Emirates NBD AED850 million within nine months. These settlements mark a significant achievement for Union Properties, supporting its turnaround strategy and progress towards profitability.

On 21/12/2023, the Board of Directors of Union Properties PJSC made several decisions. They agreed to enter into a settlement agreement with a national bank to repay the company's and its subsidiaries' debts, amounting between AED825 million and AED875 million, to be paid in four installments within nine months. The Board also approved an agreement with a major real estate developer in Dubai to increase the gross floor area and change the use of some land owned by the company and its subsidiaries in Motor City. Routine and operational matters of the company were also discussed.