Union Properties claims $408mln for completed project work

Arbitration procedures to claim approximately $408mln owed to the company.

  
Union Properties reveals Masterplan for MotorCity. Image used for illustrative purpose.

Union Properties reveals Masterplan for MotorCity. Image used for illustrative purpose.

Union Properties / Handout via Zawya
Union Properties, one of the largest real estate development companies in the UAE, has announced one of its subsidiary companies, has initiated arbitration procedures to claim approximately Dh1.5 billion ($408 million) owed to the company.
 
The claim is related to construction work for a significant project that was completed around 10 years ago, said a statement from Union Properties.
 
Group CEO Khalifa Al Hammadi pledged that executive management will not spare any effort in pursuit of the collection of the amount owed.
"It is taking the proper legal procedures which are in the interests of the company’s shareholders," stated Al Hammadi.
 
"Our shareholders and the financial market will be regularly informed of the developments of the arbitration in accordance with the laws, rules and regulations of the UAE and provided with full disclosure and transparency," he added.-TradeArabia News Service

Copyright 2020 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Commercial