Union Properties PJSC has begun the execution of a settlement agreement with its former Chairman, Mr. Khalifa Al Hammadi, his family members, and others. The agreement, which includes a settlement amount of AED620 million to be paid to Union Properties through an installment plan, was approved by majority shareholders at the Annual General Meeting held on April 17, 2023. The company sees this as a crucial step in its recovery and turnaround strategy. The agreement took time to finalize due to detailed reviews by the Custodian, Escrow Agent, and other external parties.