Dubai's Union Properties returns to profit after near Dh1b loss in 2021
Developer's efforts is still working on scripting a sustained turnaround
Dubai: Union Properties, the Dubai developer, has made a comeback from the brink – against a Dh966.75 million loss in 2021, it has put together a net profit of Dh29.9 million in 2022. Revenues were at Dh419.18 million, from Dh398.69 million, as the company keep plugging away at a full-scale turnaround.
This included the launch of a new project recently at Motor City, while Union Properties is also expecting some closure to its negotiations for a debt restructuring with a leading UAE bank. Last week, the developer issued a strong statement, dismissing social media talk that one of its accounts had been put on freeze by a bank. Union Properties clarified that talks are still on with the concerned bank about rescheduling the debt exposure.