Dubai: Union Properties, the Dubai-listed developer, said one of its units has acquired a 5.68 per cent stake in shares of Palm Hills Development, which is based in Egypt and listed in both Cairo and London.

In a statement, Union Properties said the acquisition was by its wholly-owned investment arm, UPP Capital Investment. The company said the acquisition is part of Union Properties’ plan to enhance its investments inside and outside the UAE, diversify its revenue streams, expand, and venture into new markets.