Union Properties' nine-month revenue jumps 58% to Dh809.5 million
Dubai developer reports Dh28m net profit, with Dh4b project pipeline supporting growth
Dubai: Union Properties reported a 58% increase in revenue to Dh809.5 million for the first nine months of 2026, driven by stronger operating performance and higher contributions from subsidiaries, even as net profit fell sharply from a year earlier.
The Dubai-listed developer posted a net profit of Dh28 million for the nine months ended September 30, compared with Dh139.2 million in the corresponding period of 2025. The previous year's earnings included a one-off gain of Dh152 million from the sale of a land plot.
Gross profit rose 61% to Dh156.7 million from Dh97.5 million a year earlier, reflecting improved performance across its operating businesses and cost management measures, the company said on Tuesday.
The results build on a strong first half, when revenue increased 68% to Dh529.3 million and gross profit climbed 41% to Dh107 million.
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Dh4 billion development pipeline
Union Properties said its development pipeline is valued at approximately Dh4 billion, with around Dh3.87 billion in future development revenue expected to be realised by 2028.
The portfolio includes Takaya, a mixed-use development valued at approximately Dh2 billion, and Mirdad, another Dh2 billion project. Both developments form part of the company's strategy to expand its property portfolio and generate additional revenue over the coming years.
Sheikh Nasser Rashid Almoalla, Chairman of Union Properties, said the company remained focused on strengthening its financial position, expanding its development pipeline and pursuing opportunities that support long-term growth.
Dr. Ali Rashed Sultan Al Kaitoob, Board Member and Vice Chairman of the transition committee tasked with managing Union Properties, said the company was prioritising improved asset performance, greater operational efficiency across subsidiaries and faster execution of development projects.
Union Properties said it continues to maintain a strong liquidity position and financial flexibility to support its development plans, although the announcement did not provide specific liquidity figures.
The developer expects its existing project pipeline and operating businesses to support revenue growth over the coming years as it advances construction and development activity across Dubai.
