Increasing cash flow: Dubai’s Union Properties set to list three subsidiaries

Increasing cash flow: Dubai’s Union Properties set to list three subsidiaries

Dubai-based developer Union Properties has confirmed that it is looking to list the shares of three of its subsidiaries.The master developer of Dubai's Motor City district is currently developing a plan to improve its cash flow and seeks to turn Dubai Autodrome, The Fitout and ServeU into private joint stock companies, it said in a bourse filing with the Dubai Financial Market (DFM) on Tuesday.It is also exploring other options, including whether or not it would be beneficial to cut or increase its share capital.The company reported this month a net loss of 38.56 million UAE dirhams for the second quarter of the year. It had also reached a deal with Emirates NBD to restructure its debt, which has amounted to 946 million dirhams.“The management of the company is developing