Skip to content Skip to Search
Skip navigation

Union Properties sells $136m of land to ‘foster growth’

By Gavin Gibbon
Union properties land sales Union Properties
Union Properties managing director Amer Khansaheb said it was planning to sell more land but would retain around 10 million sq ft of gross floor area
  • Selling land to address debt
  • Further offers on $326m assets
  • ‘Reviewing any good offer’

Dubai developer Union Properties has sold more than AED500 million ($136 million) worth of land as it continues to address levels of debt.

It is also looking at further offers on assets worth more than AED1.2 billion ($326 million), according to a filing on Dubai Financial Market on Monday, although no locations have been revealed.

Shares in the developer, best known for its Motor City development and the Dubai Autodrome, were up 4 percent in morning trading.

“We are planning more strategic divestments as we navigate the dynamic market landscape,” said Amer Khansaheb, board member and managing director of Union Properties.

Khansaheb added that it would retain approximately 10 million sq ft of gross floor area from its current portfolio.

Last week Union Properties announced a net profit for 2023 of AED811 million and revealed plans to spend AED5 billion on new projects.

On the ongoing asset sales, Khansaheb said: “These efforts will pave the way to fostering sustainable growth.”

In 2022 Union Properties completed a AED595 ($162) million debt restructuring by resolving legacy liabilities with the majority of its lenders.

Speaking after the company’s annual general meeting last year, Khansaheb said: “Our target is land [sales], but we’ll obviously review any good offer that we get on any asset, be it Dubai Autodrome or anywhere else.

“We need to raise AED1 billion of cash and we can’t say no to good deals.”

Latest articles

An extension of Diriyah's Bujairi Terrace, a popular nightspot, will open in November

Diriyah giga-project to open first hotel in November

Diriyah, one of Saudi Arabia’s leading giga-projects, will finally open its first hotel in November along with other attractions and sites, its CEO said this week.  “This November we’ll open another few kilometres of parks, we’ll open our first Bab Samhan hotel, we’ll open our first museum which is the Diriyah Art Futures Museum, we’ll […]

King Abdulaziz International Airport: the number of international flights increased but there were less than 27.4 million international visitors to the kingdom last year

Passenger numbers rise 26% in Saudi Arabia

Saudi Arabia said this week that its total number of air passengers rose 26 percent to 112 million in 2023. This includes a 46 percent rise in the total number of international travellers to 61 million.  The number means the kingdom’s airports are approaching full capacity, which is 116 million passengers a year, including 45 […]

Oil workers in Venezuela, a founder member of Opec. The IEA predicts slower demand growth

IEA and Opec move further apart on global oil demand

The division between the International Energy Agency and oil producers’ group Opec has deepened as the Paris-based energy watchdog once again curtailed its oil demand outlook for 2024, amid softer macro sentiment. In its monthly report, the IEA forecast on Wednesday that world fuel demand will grow by 1.1 million barrels per day (bpd) this […]

Tourists visit the tombs of the Nabatean civilisation in AlUla. Saudi Arabia's goal is for tourism to make up 10 percent of GDP by 2030

Affluent tourists around the globe on Saudi Arabia’s radar

Saudi Arabia will invest more than $800 billion in its main giga-projects by the next decade as part of a tourism expansion strategy focused on affluent tourists in China, India and Europe.  The kingdom’s tourism minister Ahmed Al-Khateeb, speaking at the Qatar Investment Forum, said: “We’re building and investing in major destinations like Neom, Red […]