Dubai: Union Properties, one of the leading developers in Dubai, said on Sunday that the arbitration claim filed by one of its subsidiaries has reached Dh3.5 billion.
The arbitral tribunal is expected to issue its decisions on a number of the claims in the second quarter of 2022.
The company has put together a team of international experts from Middle Eastern countries, Hong Kong, Australia, the US, and the United Kingdom to work on the case. The team has exerted tremendous efforts to maximize the chances of the case being successful, according to Khalifa Hassan Al Hammadi, Union Properties PJSC Chairman.
“As a result of the combined efforts of the law firm and the team, the claim has reached approximately Dh3.5 billion. If the amount is granted, it will be a significant win for Union Properties and its subsidiaries,” the company said in a statement.
Al Hammadi said that the Union Properties management and its team will be working through the arbitration procedural timetable set by the tribunal. He added that they are determined to see this claim through to a successful conclusion in the interest of the Company and its shareholders.
