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
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