Dubai’s Union Properties posts net losses of $59.5m

Dubai’s Union Properties posts net losses of $59.5m

Union Properties last month announced that it is in the final stages of signing a memorandum of understanding with China National Chemical Engineering Limited (CNCEC) for the Dubai Autodrome expansion project valued at approximately $54.5 million.. Dubai-based Union Properties on Thursday announced AED218.8 million ($59.5 million) net losses for 2019, blaming bank financing costs and a "stagnation" in the real estate sector.. The company added in the statement that despite the "stagnation" in the real estate sector, it was able to achieve revenues of AED535.5 million, down from AED762.1 million in 2018..