Page 60 - September 2020

Properties

Union Properties plans to list three

Subsidiaries on Dubai Financial Market

ServeU is a facilities management company, while
The Fit Out specializes in offering interior fi t-out to
offi ces, hotels and restaurants. Dubai Autodrome,
on the other hand, is the UAE’s fi rst multi-purpose
motorsports and entertainment facility located in
the Motor City.
Union Properties also said it will present a plan
to the Securities and Commodities Authority and
its shareholders detailing how it will handle its
accumulated losses.
The company’s management is “currently studying
Dubai developer Union Properties is planning to the options available whether by reducing or
list three of its subsidiary companies on the Dubai increasing its share capital or other options,” it
Financial Market, as it prepares a plan to wipe out added.
its accumulated losses. Union Properties reported total accumulated
The companies that will be listed on the bourse losses of Dh2.3 billion as at June 30, as a general
include ServeU, The Fit Out and Dubai Autodrome, slowdown in the real estate sector in the last three
Union Properties said, without providing details on years hit its revenue.
when it is planning to list.

Aldar posts strong revenue, profi t in Q2

billion and a solid net profi t of
Dh969 million.
“Revenue growth was driven
by robust demand for its
prime developments and
infrastructure-enabled land,
while Aldar continued to
earn steady fee income from
its third-party development
management business.
The Abu Dhabi real estate
market is being underpinned
by government incentives for
home buyers, fi scal stimulus
measures and programmes
to promote private sector
Aldar Properties reported a 21 per cent growth,” Aldar said.
year-on-year rise in revenue to Dh2.01 billion in Aldar sustained a healthy fi nancial position with
the second quarter of 2020, thanks to a strong access to Dh5.9 billion of free cash and undrawn,
performance from its development business. committed credit facilities as at June 30, following
The company’s net profi t for the second quarter payment of Aldar’s 2019 dividend of Dh1.14 billion
rose two per cent from the previous year to Dh484 in April 2020. Debt levels across both development
million as gross profi ts surged seven per cent to management and asset management remained
Dh716 million, the company said in a statement. well within the company’s established debt
In the fi rst half of 2019, Aldar reported a 15 per policies.
cent year-on-year increase in revenue to Dh3.42

Contractors News Magazine 29