Press releases, Reports & Disclosures for Union Properties PJSC

This document announces that Union Properties PJSC’s Board of Directors will hold its first meeting of 2025 on Thursday, February 13, 2025, at 2:00 PM at the company’s headquarters. The meeting agenda includes reviewing and approving the previous Board meeting minutes, reviewing and approving the audited consolidated financial statements for the year ending December 31, 2024, discussing methods to extinguish accumulated losses, considering a call for the Annual General Assembly Meeting (including a proposal to reduce the company’s share capital to address these losses, subject to regulatory approval), and addressing any other matters. The letter is signed by the Chairman of Union Properties PJSC.

Union Properties has announced a reduction in its legacy debt from AED 1.47 billion in FY2022 to AED 575 million by the end of December 2024, with plans to further decrease it by AED 150 million by the end of Q1 2025. The company has also secured new bank loans of AED 150 million to support upcoming investments expected to generate an annual income of AED 40 million. Through its debt restructuring strategy, Union Properties has lowered financing costs significantly, improving profitability and liquidity. The company has generated AED 1.3 billion by selling plots as part of its asset divestment strategy to settle debts and fund new projects. Additionally, Union Properties plans to retain 10 million sq. ft. of Gross Floor Area for future development, demonstrating its commitment to sustainable growth in the UAE's real estate sector.

Union Properties PJSC announced it has achieved AED 1.3 billion in plot sales since implementing its 5-year turnaround strategy in April 2023. This milestone highlights the company's growth and market position, as well as its success in executing its strategic plans to create shareholder value. CEO Eng. Amer Khansaheb emphasized the company's commitment to excellence, financial strength, and debt reduction, attributing these achievements to the turnaround strategy. Union Properties aims to continue meeting market demands while enhancing operational efficiency and driving sustainable growth.

Union Properties has commenced construction on its AED 2 billion "Takaya" project in Dubai Motor City. This mixed-use development spans 436,175 square feet and includes three residential towers with 788 luxury units, ranging from studios to villas, alongside a 500-meter shopping boulevard. The project aims to redefine urban living in the mid-to-high range segment with modern amenities and upscale environments. The ground-breaking ceremony took place on December 20, 2024, attended by key figures from Union Properties, highlighting the company's commitment to supporting the UAE's real estate industry and contributing to Dubai's sustainable growth. The foundational work is expected to be completed in six months.

Union Properties PJSC reported strong financial performance in the third quarter of 2024, achieving a profit of AED 53 million. The company reduced its legacy bank debts by 56.5% to AED 682 million. Over the first nine months of 2024, revenue from contractual agreements rose by 7% to AED 389 million compared to the same period in 2023. The company's subsidiaries contributed significantly to this growth, with a 47% increase in accumulated gross profit, reaching AED 53 million. Union Properties also decreased its financial costs from AED 85 million in 2023 to AED 22 million in 2024 through debt restructuring and repayment. By the end of the first nine months, the company's current assets exceeded current liabilities by AED 326.2 million, indicating strong liquidity and financial health.