Union Properties seeks to recover Dh1.5bn in construction-related claims – The National

Union Properties seeks to recover Dh1.5bn in construction-related claims – The National

Union Properties seeks to recover Dh1.5bn in construction-related claims. A fully-owned unit of the developer has initiated arbitration proceedings to get money owed for a project completed a decade ago. A fully-owned unit of the Dubai-based property developer, Union Properties, has begun an arbitration process to recover about Dh1.5 billion related to the construction of a project that was completed a decade ago.. Union Properties has completed a number of projects in Dubai including Motor City, Dubai Autodrome, the Green Community and Uptown Mirdiff.. Union Properties, like its UAE peers, has struggled to maintain profit growth on the back of a slowing real estate market in the UAE.. Dubai's real estate market has softened in the wake of a drop in oil prices that began in 2014.. Ongoing concerns about oversupply in the market have also posed challenges.. Union Properties is planning a Dh200m expansion of the Dubai Autodrome.. The proposed companies will have their own governance standards and will pursue independent institutional management strategies, Union Properties said earlier this year..