Union Properties has reported impressive quarterly revenue and profit gains, highlighting significant progress in its ongoing turnaround plan. The Dubai developer also received favorable resolutions on several long-standing issues, strengthening its path to recovery.

Quarterly Financial Highlights

In Q1-2024, Union Properties generated Dh138.1 million in revenue from customer contracts, a notable increase from Dh122.1 million in the same period last year. The company’s profit also rose to Dh16.4 million, up from Dh12.2 million, reflecting successful implementation of its strategic initiatives.

Long-Term Recovery Strategy

Union Properties has faced numerous challenges in recent years, and each positive financial result is a testament to the effectiveness of its turnaround strategy. A key element of this plan is the long-term comeback strategy, which focuses on sustainable growth and resolving legacy issues.

Major Developments

A significant boost to the company’s prospects came with the approval to repurpose parts of its master development, Motor City. After extensive negotiations, Union Properties announced a landmark settlement with regulators. The developer will invest Dh400 million over three years to repurpose portions of the Motor City land, including areas previously designated for theme parks.

“This approval marks a major step forward for Union Properties,” the company stated. “It reflects our commitment to revitalizing Motor City and underscores the success of our negotiation efforts with the regulator.”

Strategic Growth Initiatives

Union Properties continues to work on enhancing its portfolio and optimizing its assets. The company’s strategic initiatives aim to create long-term value for stakeholders while ensuring sustainable development practices.

For more detailed information about Union Properties’ turnaround plan and financial performance, visit Union Properties’ Official Website.

Discover more about Union Properties’ journey towards recovery and growth.