UAE: Union Properties Announces $133 Million Capital Increase Completion

UAE: Union Properties Announces $133 Million Capital Increase Completion

A major player in the residential and entertainment project sector in the UAE, Union Properties is the main developer of Dubai Motor City.

The Emirati company said its main objective was to reveal its assets and subsidiaries, which reflected fruitfully, as the company recently received an offer of AED400 million to acquire a stake in the subsidiary Dubai Autodrome.

Chairman Khalifa Hasan Al Hammadi said Union Properties' board of directors had previously taken a decision to convert a number of its subsidiaries into private joint stock companies as an advance step in preparation for their listing on the financial market.

"These companies operate in vital areas capable of attracting investments or cash flows, whether through listing, acquisition or sales of shares," noted Al Hammadi.

Al Hammadi pointed out that Union Properties had a clear