Press releases, Reports & Disclosures for Union Properties PJSC

Union Properties PJSC has shared the outcomes of its 2024 Annual General Meeting, highlighting the company's performance in 2023. The company reported a net profit of AED 837 million in 2023, compared to AED 30 million in 2022. Its subsidiaries also saw significant growth, with revenues from customer contracts increasing to AED 508 million in 2023 from AED 419 million in 2022. The company's management expressed confidence in the real estate market's continued growth in Dubai and the UAE, and is planning to diversify its business portfolio.

On April 30, 2024, the Annual General Assembly Meeting of Union Properties PJSC was held at the Ritz Carlton Hotel, DIFC, Dubai. The meeting was also available virtually via the LUMI platform. The meeting's outcomes included the appointment of Mr. Fadi Saba as the meeting rapporteur and Mr. Yousef Qaren as the vote collector. The majority of shareholders approved the Board of Directors' report on the company's activities and financial position for the financial year ending on December 31, 2023. They also ratified the Auditor's Report, the company's balance sheet, and profit and loss account for the same financial year. Finally, the majority of shareholders approved the appointment of new Board member Mr. Abdulrahman Sharaf, who replaced a resigned Board member.

The Annual General Assembly Meeting of Union Properties PJSC, originally scheduled for April 18, 2024, has been postponed due to the lack of quorum. The rescheduled meeting will now take place on Tuesday, April 30, 2024, at 2:00 PM at The Ritz Carlton Hotel, Dubai Financial Center. The meeting will be held both virtually and physically. The information was relayed by Fadi Saba, the Board Secretary of Union Properties PJSC.

Union Properties, a Dubai-based company, has reported robust asset sales and cash flow generation in Q1 2024, with AED 816 million from plot sales. The company used these proceeds to repay AED 290 million of its debt, with plans to repay an additional AED 250 million in Q2 2024. This is part of Union Properties' debt restructuring plan, aiming to repay AED 966 million to lenders during FY2024, which has improved its cash flow and restored its relationship with financial institutions. The restructuring has also unlocked potential additional financing for future real estate developments, reduced interest rates, freed mortgaged lands for development, and generated seed funding for new projects.

The Board of Directors of Union Properties (PJSC) has invited its shareholders to the Annual General Assembly Meeting, to be held both virtually and physically at The Ritz Carlton Hotel, Dubai Financial Center, on 18 April 2024. The agenda includes the authorization of the Chairman to appoint the meeting’s Secretary and vote collector, approval of reports on the company's financial position, ratification of the new Board member, approval of expense policies for Board members, and potential discharging or dismissal of Board members and auditors. Shareholders can register to attend and vote electronically, with registration opening on 20 March 2024. Shareholders may also appoint a written proxy to attend the meeting. The meeting will be deemed valid if attended by shareholders who hold or represent at least 50% of the Company’s capital.

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.