Dubai developer Union Properties is planning to list three of its subsidiary companies on the Dubai Financial Market, as it prepares a plan to wipe out its accumulated losses.
The companies that will be listed on the bourse include ServeU, The FitOut and Dubai Autodrome, Union Properties said in a statement on Tuesday, without providing details on when it is planning to list.
ServeU is a facilities management company, while The FitOut specialises in offering interior fit-out to offices, hotels and restaurants. Dubai Autodrome, on the other hand, is the UAE’s first multi-purpose motorsports and entertainment facility located in the Motor City.
Union Properties also said it will present a plan to the Securities and Commodities Authority and its shareholders detailing how it will handle its accumulated losses.
The company's management is “currently studying the options available whether by reducing or increasing its share capital or other options,” it added.
Union Properties reported total accumulated losses of Dh2.3 billion as at June 30, as a general slowdown in the real estate sector in the last three years hit its revenue.
Union Properties aims to boost its finances and is looking for “suitable investment opportunities in various sectors, including the health and hospitality sectors" where it is assessing the right targets for acquisitions.
The developer, whose projects include Dubai Motor City and Dubai Autodrome, also reached an agreement earlier this month with Emirates NBD to restructure an outstanding debt of Dh946 million.
The deal with Dubai’s biggest lender, which includes payment of an initial amount is expected to significantly improve the company’s debt profile and increase its finances.
Union Properties narrowed losses for the second-quarter by 54 per cent, on the back of cost-cutting measures.
The group's net loss for the three months ending June 30 reached Dh38.6m, compared with a Dh84m loss a year ago, it said in a statement on Saturday.
The developer also announced plans to start a new project, Motor City Hills, in Dubai overlooking Sheikh Mohammed bin Zayed Road near Dubai Autodrome. The project includes 195 villas, 490 town houses and six commercial land plots.
Union Properties has built more than 60,000 units in recent years across a number of projects in Dubai.
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Killing of Qassem Suleimani
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
KYLIAN MBAPPE 2016/17 STATS
Ligue 1: Appearances - 29, Goals - 15, Assists - 8
UCL: Appearances - 9, Goals - 6
French Cup: Appearances - 3, Goals - 3
France U19: Appearances - 5, Goals - 5, Assists - 1
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
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Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
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Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
SPECS
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UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
MATCH INFO
Liverpool 3
Sadio Man 28'
Andrew Robertson 34'
Diogo Jota 88'
Arsenal 1
Lacazette 25'
Man of the match
Sadio Mane (Liverpool)
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
More on animal trafficking
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