Union Properties raises capital of three units to AED 490m

UAE Union properties

Union properties Company has raised the capital of three of its subsidiaries to 490 million Dirhams, according to a press release issued last Wednesday. These subsidiaries include Dubai Autodrome, SurveU and The Fit Out.

This decision came after the company’s announcement of its plan to convert a number of its subsidiaries into private joint stock companies and list their shares in the financial market.

The company seeks to disclose its assets and its subsidiaries, which is that these companies operate in vital areas and are able to attract investments or cash flows, whether through listing, acquisition or sale of shares.

It is noteworthy that in September the company received an offer worth 400 million dirhams to buy a 40% stake in its subsidiary Dubai Autodrome, which includes a number of world-class racing circuits.

According to the Emirates News Agency, Khalifa Hassan Al Hammadi, Chairman of the Union properties Board, said that the company had earlier taken a decision to convert a number of subsidiary companies into private joint stock companies in preparation for their inclusion in the financial market. He explained that the main objective of this step is to highlight the real value of the company’s assets and its subsidiaries, which began to bear fruit, as the company received an offer of 400 million dirhams to acquire a stake in the subsidiary Dubai Autodrome, which was recently disclosed.

On the other hand, Al Hammadi said: We constantly study the real estate market and follow the indicators, and we don’t hesitate to seize real real estate opportunities in the market in order to achieve future value for these assets, stressing that the company has developed a clear strategic vision and the Board of Directors is working for the future of the company and are very optimistic about the results.