Dubai’s Union Properties returns to profit after near Dh1b loss in 2021

Dubai’s Union Properties returns to profit after near Dh1b loss in 2021

Dubai: Union Properties, the Dubai developer, has made a comeback from the brink – against a Dh966.75 million loss in 2021, it has put together a net profit of Dh29.9 million in 2022. Revenues were at Dh419.18 million, from Dh398.69 million, as the company keep plugging away at a full-scale turnaround. This included the launch of a new project recently at Motor City, while Union Properties is also expecting some closure to its negotiations for a debt restructuring with a leading UAE bank.