Union Properties issues final notice to former chairman

Union Properties issues final notice to former chairman

Dubai developer Union Properties has issued a final notice to former chairman Khalifa Al Hammadi, his family members and another unnamed person. It accuses them of defaulting on a multi-million dollar settlement agreement. The settlement deal was announced at the company’s annual general meeting last year and involved payments totalling AED620 million ($163 million). Under […]

Total due AED620m

Khalifa Al Hammadi ‘continued to default’

UP returned to profit in 2022

Dubai developer Union Properties has issued a final notice to former chairman Khalifa Al Hammadi, his family members and another unnamed person. It accuses them of defaulting on a multi-million dollar settlement agreement.

The settlement deal was announced at the company’s annual general meeting last year and involved payments totalling AED620 million ($163 million).

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Under the agreement, which came following extensive investigations into Al Hammadi’s time in charge of UP, AED300 million cash was to be paid in six monthly instalments of AED50 million each. The remaining AED320 million was to be settled a year after the signing of the deal.

“We worked hard to achieve the [settlement] result,” UP’s chief legal officer Fadi Saba said at