Dubai's Union Properties makes more headway in turnaround plan with Q1-2024 profit
Dubai developer had recently secured a deal to repurpose parts of Motor City
Dubai: Union Properties took another round of quarterly revenue and profit gain, while getting some good breaks on some of the other issues the Dubai developer had been trying to resolve for some time.
Revenues from contracts with customers came to Dh138.1 million, up on the Dh122.1 from a year ago. The profit turned out a tally of Dh16.4 million, from Dh12.2 million.
Union Properties has been through much in recent years, and will look to each growth score as a sign that turnaround plans are working. The company is working towards a sustained multi-year comeback plan.
One such boost was the approval for repurposing some land forming part of its master-development, the Motor City. “After a long journey and constructive negotiations, the group announced a major step forward by achieving a settlement with the regulator,” UP said in a statement.
This will see the developer pay out Dh400 million over a three-year instalment plan, and which allows UP to repurpose part of its Motor City land. This includes areas that had been marked for a theme park previously.