Dubai’s Union Properties gets boost after Dh1b plus in plot sales

Dubai: In a big boost for its cash position, Union Properties raised over Dh1.3 billion from the sale of plots since announcing a 5-year turnaround strategy in April 2023.

The funds thus brought in represent a ‘significant milestone in the company’s growth journey’.

“This impressive sales figure underscores the Company’s success in achieving its declared plans,” said a statement. “By leveraging market trends and optimising portfolio performance, Union Properties continues to hit its milestones in accordance with its 5-year strategic plans to create value for its shareholders.”

Shareholders and market watchers will now await UP’s 2024 financial results, which should provide more insight on what’s in store.

But generating these plot sales does help solidify its cash position. Another fund injection should come by way of the recent Motor City project launch it did – which marked a return to the offplan launch market after an extended absence.

“This milestone (of bringing in Dh1.3 billion) also reflects our growing financial strength and enhanced liquidity position,” said Amer Khansaheb, CEO of Union Properties.

“Thanks to our turnaround strategy, our performance has significantly improved over the years, as a result of which we have been able to bring down our debts.

“We remain committed to sustainability and long-term value creation.”