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Sun 15 Sep 2013 10:33 AM

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Trading in Dubai's Union Properties halted

Property firm failed to disclose results of board meeting

Trading in Dubai's Union Properties halted

Trading in Dubai real estate firm Union Properties was suspended on Sunday morning after the company failed to disclose the results of a board meeting.

In a statement the Dubai Financial Market said that the decision to halt trading in shares was related to a meeting held on 12 September 2013.

On August 18, shares in Union Properties, in which lender Emirates NBD holds a major stake, surged 11 percent in massive trading volume in what was seen as a fresh sign of growing optimism toward the emirate's real estate.

UP chief executive Khalid Bin Kalban said he was not aware of the transactions but added that there had been huge demand for UP's shares over the last few weeks.

The company reported a 36 percent rise in second-quarter net profit to AED113.3m, because of a saving of AED80m due to liabilities settlements with contractors for some projects. Revenue for the quarter was AED427m against AED557m in the prior-year period.

Arabian Business: why we're going behind a paywall

Uptown Mirdif Renter 6 years ago

Why is no one discussing that Union Properties has "dumped" their Emicool bills onto their owners at Uptown Mirdif? Property owners are trying to illegally force renters to pay the Emicool bills which are incredibly high. That is the 2nd issue. The main issue is owners cannot legally make renters pay but most of the owners continue to threaten tenants. AB should investigate!

logic 6 years ago

hi sorry , but i miss to see the logic here , you pay Dewa right or is it part of the rental agreement , so what is the difference why you and should not pay emicol , since if you have the conventional old unit villa A/C unit you will have to pay DEWA , unless you do not pay DEWA , then , but it's your own consumption ,

so i do not see the logic in what you are saying .

Also a UP renter 6 years ago

To Mr. Logic....here is the problem...Emicool should be paid out of owner paid service charge fees. Emicool is not necessarily related to a specific unit's usage. I traveled for 2 months this summer. My DEWA bill was next to nothing because almost everything was off in my flat. My Housing Fee was most of my bill. But the Emicool bill my flat's owner wants me to pay remained the same because Emicool includes the cooling of common areas, all areas, which are then divided by all the units in the building. This is the way it was explained to me. So even though my unit's usage was next to nothing the Emicool bill was exactly the same.

I don't understand this. Why now after almost 6 years has Union Properties decided Emicool is not to be paid out of owner paid service charge fees? I think so Union Properties can keep more of the service charge fees for themselves as "profit".