Union Properties

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Recent Articles

• Union Properties in talks to sell 50% Emicool stake24 November 2009

  Vice chairman says firm might take losses on revaluation of its property portfolio in Q4.

• Union Properties posts Q3 loss15 November 2009

  UPDATE 1: Dubai's third largest developer posts lost of $41.3m, compared to $61m profit in Q3 2008.

• Union Properties expects 'remarkable' Q3 profits5 October 2009

  UPDATE 1: New general manager says firm open to merger proposals but no talks yet.

• Petrochemicals, cement lift Saudi index18 August 2009

  UPDATE 6: Dubai ends up, a day after its biggest one-day decline for seven weeks.

• Dubai suffers largest one-day fall in seven weeks17 August 2009

  UPDATE 6: Gulf exchanges struggle as they track losses on global markets.

• Dubai's Union Properties posts $62m Q2 loss13 August 2009

  UPDATE 1: Developer gets hit by a decline in the value of its investment properties.

• Union Properties CEO resigns14 June 2009

  Simon Azzam steps down from top job in UAE property developer after 23 years with company.

• Saudi market closes at 25-week high4 May 2009

  UPDATE 7: Oman's index closes lower but most Gulf exchanges end the day in positive territory.

• Union Properties sees profits fall 87% Q1094 May 2009

  Dubai-based real estate firm earned AED30m in Q109, down from AED238.35m, Q108.

• Deyaar open to merger and gov't funding - CEO11 March 2009

  Dubai-based property developer will consider merger, but not in talks at present.

• Dubai's F1-X theme park suspended for one year7 March 2009

  Construction of the US $460 million (AED1.69 billion) Formula One theme park in Dubai’s MotorCity has been halted because liquidity from banks has dried up in the wake of the current financial crisis.

• Kuwait shares post major gains2 March 2009

  Market posts biggest one-day gain since December as stalled economic reforms may now speed up.

• Qatar index falls to new 5-year low1 March 2009

  Industries Qatar leads stock market to new 5-year low amid gloomier prognosis for global economy.

• Dubai F1 theme park in doubt1 March 2009

  UPDATE 1 - Union Properties may cancel Formula 1 project if government cash is unforthcoming.

• Union Properties expects Q1 profit1 March 2009

  Dubai-based real estate company says profits have come from rentals and should exceed Q1 2008.     

• $460m Formula 1 theme park project put on hold26 February 2009

  Union Properties says world's first F1 playground is delayed due to credit crunch.

• Union Properties posts $10.3m loss for Q4 200825 February 2009

  Lower land sales cited reason for losses due to slowdown in Dubai real estate sector.

• Union Properties says no delays to projects8 February 2009

  Current construction projects continue to delivered says Dubai developer.

• UBS cuts target price on real estate giants28 January 2009

  Investment bank takes decision on continuing concerns over exodus of expat workers from UAE.

• UAE's Union Properties to issue unconvertible bonds25 January 2009

  Property investment developer's shareholders approve issuance worth $680.6mn.

• Gulf markets end lower amid global gloom15 January 2009

  UPDATE 5: UAE, Qatar, Kuwait and Oman fall as investor sentiment is impacted.

• UP seeks $681mn bond sale22 December 2008

  UPDATE 1: Dubai developer seeking regulatory approval to issue convertible bonds to strategic investors.

• UP is latest developer to loosen payment plans17 November 2008

  Dubai-based property firm to give investors option to rent, own or rent-to-own.

• Index Tower to top-out this month11 October 2008

  Dubai-based Union Properties' (UP) Index Tower, which is located on Sheikh Zayed Road, will be topped out by the end of this month according to the developer.

• Union Properties mulls buyback after shares slump7 October 2008

  Dubai-based firm considers move as shares lose more than 50% so far in 2008.