The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
Union Properties announced a net profit of Dh17.7 million for the first six months of 2023, compared to a net loss of Dh12.2 million during the comparable period from the previous year.
In addition, the group’s subsidiaries also demonstrated significant performance, which drove the revenue from contracts with customers to Dh241 million as well as gross profit increase of 30 per cent from Dh35 million in 2022 to reach Dh46 million in 2023.
The second Quarter of 2023 witnessed a surge in demand for properties across Dubai, and Union Properties capitalised on these favorable market conditions to achieve positive financial results. The company’s prudent approach to portfolio management, coupled with innovative and sustainable development strategies, played a vital role in its success, by maintaining exceptional workflow that cater to the ever-evolving requirements of investors and residents.
Amer Khansaheb, Board Member and Managing Director of Union Properties said: “We are thrilled by the exceptional performance of Union Properties and its subsidiaries during the second quarter of 2023. The achieved net profit highlights our strategy efficiency and instills confidence in prospects. With strategic positioning, we capitalise on Dubai’s thriving real estate market momentum. Our team’s dedicated members through their extensive experience, continue to deliver exceptional value for stakeholders and solidify our position as an industry leader.”
With a diverse portfolio of residential, commercial, and mixed-use developments, Union Properties is well-positioned to benefit from the increasing opportunities in Dubai’s growing real estate market. The Group continues to offer top-notch products and services to its clients and affiliates as a result of an evident rise in contracts and increased adoption of innovative technologies.
The current increase in net profit also represents Union Properties’ steadfast commitment to maintaining transparency with the market and its clients. Looking ahead with the steady growth in Dubai’s Real Estate Market, the group seeks to stimulate its expansion and growth plans.
The company is also capable of embracing new possibilities, building upon its strong base, and thus contributing back to Dubai’s solid real estate Industry.
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
business1 day ago
New developments hold key to the future of work, expert says
business1 day ago
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
business1 day ago
Course offers training in English language, interviewing skills, resume writing, and job search tips
business2 days ago
One of the key areas of focus under the MoU is marketing and promotion
business2 days ago
Sector increasingly intertwined with high-value investments
business2 days ago
Policyholders can get coverage limits of Dh25,000 or Dh50,000 for a 12-month term
business2 days ago