Union Properties, a Dubai-based company, has reported robust asset sales and cash flow generation in Q1 2024, with AED 816 million from plot sales. The company used these proceeds to repay AED 290 million of its debt, with plans to repay an additional AED 250 million in Q2 2024. This is part of Union Properties' debt restructuring plan, aiming to repay AED 966 million to lenders during FY2024, which has improved its cash flow and restored its relationship with financial institutions. The restructuring has also unlocked potential additional financing for future real estate developments, reduced interest rates, freed mortgaged lands for development, and generated seed funding for new projects.

The Board of Directors of Union Properties (PJSC) has invited its shareholders to the Annual General Assembly Meeting, to be held both virtually and physically at The Ritz Carlton Hotel, Dubai Financial Center, on 18 April 2024. The agenda includes the authorization of the Chairman to appoint the meeting’s Secretary and vote collector, approval of reports on the company's financial position, ratification of the new Board member, approval of expense policies for Board members, and potential discharging or dismissal of Board members and auditors. Shareholders can register to attend and vote electronically, with registration opening on 20 March 2024. Shareholders may also appoint a written proxy to attend the meeting. The meeting will be deemed valid if attended by shareholders who hold or represent at least 50% of the Company’s capital.

The Board of Directors of Union Properties PJSC held their first meeting for 2024 on March 12th. They approved the minutes of the previous meeting and ratified the previous resolutions made by circulation. The Board also approved the audited consolidated financial statement for the year ending December 31, 2023, and the Company’s Annual Integrated report for 2023, which includes the Governance and Sustainability reports. They also approved to call for the Annual General Assembly Meeting of the Company and to set its agenda in coordination with the Securities and Commodities Authority. Other matters were also discussed. The letter was signed by Fadi Saba, the Board Secretary of Union Properties PJSC.

Union Properties PJSC has successfully sold over AED 500 million worth of land, marking a significant milestone for the company. The company has received additional offers on assets worth more than AED 1.2 billion. This achievement is part of Union Properties' strategy to maximize shareholder value and capitalize on opportunities in the real estate market. The company plans further strategic divestments and will retain approximately 10 million sqft of GFA from its current portfolio for self-development, in line with its five-year strategy set in 2023.

Properties' operations, the performance of its subsidiaries, and the overall expansion of the real estate sector in the UAE. In 2023, Union Properties recorded a net profit of AED 811 million, marking a growth of 2607% in net profits. The company's revenue also increased to AED 508 million from AED 419 million in 2022, reflecting the remarkable improvement in the performance of its subsidiaries and the continuous growth of the real estate sector in the UAE. The company is progressing steadily towards growth and prosperity, with a focus on correcting its capital structure and proceeding with real estate development projects.