Union Properties’ unit initiates arbitration procedures to claim $408mln

Union Properties incurred a net loss of $59.62mln in 2019

  

Dubai –  Union Properties announced that one of its wholly-owned subsidiary companies undertook legal procedures to claim about AED 1.5 billion.

“The Executive Management will not spare any effort in pursuit of the collection of the amount owed,” which is related to a major construction project completed from 10 years, the group’s CEO, Khalifa Al Hammadi, said in a statement to the Dubai Financial Market (DFM) on Wednesday.

It is noteworthy to mention that Union Properties incurred a net loss of AED 218.806 million in 2019, against a net profit of AED 62.329 million in 2018.

The company’s accumulated losses amounted to AED 2.142 billion by the end of 2019, making up 49.93% of the company's capital.

Source: Mubasher

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