February 23, 2024

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Union Properties recordsdata declare in opposition to Dubailand on land problem in Motor Metropolis

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Dubai: Union Properties is taking its fellow Dubai developer to court docket over a land problem. An actual property declare has been filed by Union Properties – which continues to be looking for its method again onto a stable monetary footing – with the Dubai Courts on this regard.

The authorized matter pertains to land in Motor Metropolis, of which Union Properties is the master-developer. In an announcement on DFM, UP mentioned {that a} declare was registered ‘on account of Dubailand’s failure to problem NOCs (no-objection certificates)’ to it, ‘to profit from its lands positioned within the Motor Metropolis space’.

This was being carried out ‘with none authorized or contractual foundation’.

Union Properties will likely be informing shareholders of the developments on the upcoming annual common assembly.

Going authorized

Union Properties is pursuing a number of claims on the authorized entrance, not least the one in opposition to members of the earlier administration over the best way that they had structured some offers and which resulted in losses for the corporate.

And in 2020, the then administration had filed a Dh1.5 billion declare in opposition to a neighborhood contractor for a mission that was accomplished in 2009. It isn’t clear whether or not the declare is being pursued after the present administration took over in 2021-22.

The upcoming AGM will likely be essential for Union Properties because the administration spells out the methods the corporate may nonetheless undergo that desired turnaround. (The shareholders’ meet known as on April 11 was cancelled due to an absence of quorum.)

The corporate is again within the revenue after a disastrous 2021 when losses piled as much as Dh1 billion. And the amassed losses is the opposite burden UP has been carrying. (On the debt aspect, the developer is negotiating with Emirates NBD to restructure its obligations and thus purchase extra time.)

The inventory is buying and selling at Dh0.24, near its 52-week low of Dh0.21.

In response to an actual property analyst, “Union Properties did not get the bounce that different listed/non-listed builders did in Dubai from the 2-year growth in demand. Not having sufficient new inventory to promote has been a problem for Union Properties. Plus the cloud over its operations stemming from that Dh1 billion loss in 2021.”

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