Union Properties expects verdict in AED 1.5bn claim in 18M

Union Properties expects verdict in AED 1.5bn claim in 18M

The claim is related to "an estimated value of the amounts owed to a fully owned subsidiary of Union Properties," for carrying out mechanical electrical and plumbing (MEP) works for a project delivered mid-2009.. On Wednesday, Union Properties announced that a fully-owned subsidiary company undertook legal procedures to claim about AED 1.5 billion related to a major construction project completed.. 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..