Developer says it will inform shareholders and the financial market of its progress with full transparency
Real estate developer Union Properties has said that one of its subsidiaries has initiated arbitration to recover claims owed on construction work that was completed approximately 10 years ago.
Though it did not name the subsidiary or the entity it is pursuing in its statement, the developer said it is seeking approximately $408m.
The developer has delivered a number of projects in the UAE including the Dubai Autodrome, Green Community, Motor City and Uptown Mirdiff.
Khalifa Al Hammadi, group CEO of Union Properties PJSC said the company’s executive management will ‘not spare any effort in pursuit of the collection of the amount owed, and is taking the proper legal procedures which are in the interests of the company’s shareholders’.
He noted that the company’s shareholders and the financial market will be regularly informed of the developments of the arbitration in accordance with the laws, rules and regulations of the UAE, and provided with full disclosure and transparency.