UP to invest $1bn in real estate projects as profits rise

UP to invest $1bn in real estate projects as profits rise

Union Properties (UP), a previously troubled Dubai real estate developer, has said it plans to spend AED5 billion ($1 billion) on new projects, after its financial results rebounded last year. Net profit for 2023 increased by 2,600 percent year on year to hit AED811 million, according to a bourse filing on Thursday. UP, best known […]

Union Properties in rebound

Turnaround from AED966m loss

Majority of legal cases settled

Union Properties (UP), a previously troubled Dubai real estate developer, has said it plans to spend AED5 billion ($1 billion) on new projects, after its financial results rebounded last year.

Net profit for 2023 increased by 2,600 percent year on year to hit AED811 million, according to a bourse filing on Thursday.

UP, best known for its Motor City development in Dubai, recorded a AED966 million net loss in 2021.

“Today, we face the future with more confidence, envisioning a new chapter of growth,” Amer Khansaheb, managing director of UP, said in the filing.

This includes the launch of new multi-billion dollar projects “over the coming few years”, he said.

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