Dubai: The Dubai developer Union Properties has moved quickly to scotch rumors that it was going private and delisting from the Dubai Financial Market.
On Thursday morning, the developer of Motor City and Dubai Autodrome clarified that “it denies the presence of such intention or study to transform the company into a private joint stock company.
This followed a comment by a Union Properties’ staffer made to a TV channel that there were such plans. The developer had come out with a small profit in the first quarter of 2021, and will be hoping to build on that in the months to come. The first quarter gains were delivered through better cost control and the refinancing of a near Dh1 billion loan from Emirates NBD.
But there had been talk in the market that Union Properties could turn private, and that this would hasten the company’s return to more solid ground profit-wise and operationally. The Dubai Financial Market is already seeing two such de-listings – DXB Entertainments (being acquired in full by Meraas) and Emaar Malls (by Emaar Properties).